FOR People looking to GIVE TO a Canadian charity and take advantage of donation tax receipts
Purchasing a life insurance policy is one way PEOPLE can donate to registered charities
Canada Life - My Par Gift - how DOES it works?
Canada Life My Par GiftTM life insurance is a non-exempt single premium insurance product designed for charitable giving.
What is My Par Gift?
My Par Gift is an innovative, first-of-its-kind, insurance product designed for charitable giving with life insurance. This is a single premium product. The donor makes a donation for the single premium, which qualifies as a charitable donation. The registered charity is the owner and beneficiary of the policy. My Par Gift can offer the registered charity the flexibility of a payout when the insured person dies or access to cash while they’re alive. It is important to note that any withdrawals or unpaid loans will decrease the size of the charity’s payout.
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Source: The Canada Life Assurance Company - Canada Life and design and Canada Life My Par Gift.