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Giving Back

Royalene Reed became a single mother to four young children after her divorce in the mid-1980s. Cheerful and outgoing today, she recalls with painful clarity her shame, loneliness and helplessness after losing her entire support system when she chose to end her...

When You Can’t Take It With You

Anthea Law Stevenson, Vogel & Company LLP For the past three years, I have enjoyed presenting at the annual Leave a Legacy event on estate planning, wills, probate, and executor’s duties. These presentations have allowed me to share legal information with members...

Founding professor leaves lasting legacy

Helen Stadelbauer was instrumental in shaping the University of Calgary Art Department. A strong believer in housing developmental art, studio art and art history under one department, She was a founding member of the art department and a staunch supporter throughout...

Imagine Canada Pleased With Federal Budget Measures Relating To Charities

Ottawa, February 11, 2014 – Imagine Canada, the national umbrella for Canadian charities, is pleased with a number of measures announced in today’s federal budget. The budget emphasizes the federal government’s belief “that the charitable sector plays an...

Bequests

The most common type of legacy gift is a charitable bequest or gift by Will. This may be a cash donation or even a gift of property such as real estate, a work of art or publicly listed securities. A bequest to a charity is very easy to put in place and can be...

Securities

A gift of securities provides an innovative and creative way to make a charitable gift and can include stocks, bonds and mutual funds. Federal incentives introduced in early 2006 have made it very attractive to donate publicly listed securities that have appreciated...

Life insurance

A gift of life insurance is made when you name a charitable organization as the beneficiary of the policy. This means that the charity would receive the insurance proceeds when you pass on.There are a number of ways to make a gift to charity through life insurance....

Annuities

A gift of annuity is made when you make a contribution of cash or other property to a charitable organization in exchange for a guaranteed lifetime income (or for a stated interval of time). It is an agreement or contract between you and your charity. Upon death, the...

Charitable remainder trusts

A gift of trust is made when you decide to make a charitable organization the secondary beneficiary to an irrevocable trust. The primary beneficiary (or the income beneficiary) includes you, and if applicable, your spouse. Throughout your lifetime, or for a stated...

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A gift of life insurance is made when you name a charitable organization as the beneficiary of the policy. This means that the charity would receive the insurance proceeds when you pass on.
There are a number of ways to make a gift to charity through life insurance. You can:

Make the charity the owner of an existing, or new, policy  
If you already own a life insurance policy, or if you purchase a new policy, you may make a charity the owner and name it as the beneficiary. You will receive a charitable tax receipt for the policy’s cash surrender value and for any premiums you pay once ownership is transferred to the charity. Premiums can be paid either to the insurance company or directly to the charity.

Name a charity as primary beneficiary, or as co-beneficiary  
A charity can be named the beneficiary of an existing policy that you own. This is the preferred option for donors who wish to make a charitable gift but want to retain access to the cash value of the policy, or who want to be able to change beneficiaries if their circumstances change. Because you can change your mind about naming the charity as the beneficiary, a tax receipt cannot be issued for annual premiums. However, your estate will receive a charitable tax receipt when the charity receives the gift and this can result in significant tax savings for your heirs.
You can also name a charity as co-beneficiary with other individuals or charities.

Name a charity as contingent beneficiary  
A charity can be made a contingent or secondary beneficiary of a life insurance policy. Should your primary beneficiaries predecease you, the charity, as contingent beneficiary, will receive the policy proceeds. Because you can change your mind about naming the charity as the beneficiary, a tax receipt cannot be issued for annual premiums. You estate will receive a charitable tax receipt when the charity receives the gift.