There are many great reasons to support your favourite causes both during your lifetime and at death. In addition to providing for the welfare of others who benefit from the charity of your choice, at your death, it can provide significant tax relief to you and your estate ensuring your beneficiaries receive the greatest amount of the estate.
Using life insurance is a tremendous way to provide for a charity while preserving your estate for your heirs using tax credits from the charity. Naming the charity as beneficiary will provide a direct tax free benefit to the charity while providing you with a tax receipt. You can either receive a tax credit during your lifetime, when the life insurance policy premiums are paid, or at death, when the bequest is made. It’s important to name another charity as a contingent recipient as well in case the charity of choice is no longer around.
The cost of doing this can be less than the money you save from the tax credits generated by your gift to the charity which means your actual donation could actually cost much less the full amount donated through the life insurance policy. It enables the ability to potentially provide a much larger gift to the charity than may have otherwise been possible.
Assessing the amount depends on a full review of your current and projected tax obligations. Varying amounts will be dependent on the type of asset it is such as an RRSP/RRIF, Real Estate or Cash and whether there is a surviving spouse, children or grandchildren. Considerations for businesses are also important along with family trusts.
Another method would be to gift your current asset that has grown in value to a charity now. The charity would not incur any taxable gain and you get a tax credit through a tax receipt that you can use to purchase a permanent insurance policy that will replace your the asset you gifted to your hiers.
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Finally one can also purchase a paid up permanent life insurance policy with the charity as a beneficiary when they die. Yet the yearly cost of insurance policy can be offset by a yearly tax receipt, reducing the cost of the policy considerably and still have the full value passed on to the charity. Depending on your age and health, the cost of the policy could be a small fraction of the whole amount after all tax credits.
Doing this allow you to leave a legacy to be remembered by that will be cherished by many. As well, placing it in a Family Foundation will also continue to empower your generosity to your heirs enabling them to continue in your footsteps.
If you are healthy and want to leave something to your favourite charity, have your family name remembered in your pledge, this may be a great strategy for you. There are many important details to be considered in such a plan. Consulting with an Insurance and Financial Advisor, including your legal, tax and accounting professional, can provide recommended methods to produce such a path.
Contact Us for more information about how this could work for you.
