Many people find that a Gift of Life Insurance provides an affordable way to support to the Canadian Red Cross.
Potential Benefits of Giving a Gift of Life Insurance
- The opportunity to leverage the value of your gift to make a much larger gift overall
- Immediate tax relief against your present tax return or relief for your final tax return
- Avoidance of probate fees
- The gift cannot be challenged by the Estate.
Gifts of Life Insurance Options
- Transfer ownership of an existing, fully paid up policy. You will receive a donation receipt for the cash surrender value just as if you had made a cash donation.
- Sign over a partially paid policy. When you transfer ownership of a policy that is partially paid and name the Canadian Red Cross as beneficiary, you will receive a tax receipt for the cash surrender value as well as for further premiums you pay on the policy.
- Purchase a new policy and make the Canadian Red Cross the owner and beneficiary of the policy. You will be entitled for charitable receipts for all the premium payments that you pay.
The Canadian Red Cross encourages you to speak with your financial planner to discuss which type of Gift Planning best suits your individual needs and goals.