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Charitable Giving Program

Clear and Simple

The planned Gift concept is extremely simple. You apple for a life insurance policy similar to the one you probably already own to protect your loved ones in the event of your death. But this policy is somewhat different: the beneficiary and owner at your death is a registered charitable organization of foundation of your choice. A wide range of life insurance products is available. Who said you couldn’t afford to give?

Clearly Advantageous

The Planned Gift concept lets you make a substantial financial contribution on your death to a charitable organization or foundation without affecting your current standard of living. On one hand, the payment methods offered fit easily into any budget. On the other, the premiums paid are considered charitable donations and, as such, result in interesting tax savings.

Features of the Planned Gift concept

  • Apply for a new life insurance policy
  • Designate a registered charitable organization or foundation as sole beneficiary and policy owner
  • Select a flexible payment method (preauthorized monthly debit, annual billing)

Advantages

  • The value of the eventual donation can increase tenfold
  • Affordable payments that do not affect your current standard of living
  • Choice of charitable organization in keeping with your values and concerns
  • Choice of life insurance products
  • Annual charitable donation tax credits are calculated according to the amount of the premiums paid in the year.

Tax Considerations

Federal Tax Credit

  First $200 Balance
  15.00% 29.00%

Provincial Tax Credit

  First $200 Balance
AB 10.00% 21.00%
BC 5.06% 14.70%
MB 10.80% 17.40%
NB 9.10% 17.95%
NF 7.70% 13.30%
NS 8.79% 21.00%
ON 5.05% 11.16%
PEI 9.80% 16.70%
QC 20.00% 24.00%
SK 11.00% 15.00%

Source: Desjardins Financial Services


Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.