There are several ways to make a gift of life insurance to the Discovery Centre:
- Donate an existing or new life insurance policy directly to the Discovery Centre:
You receive an official tax receipt for any cash value present at the time the donation is made on a paid-up policy. This provides an immediate tax benefit while you are living.
- Name the Discovery Centre as the beneficiary on your existing policy:
The Discovery Centre receives the insurance proceeds just as a regular beneficiary would, but the payments are considered a donation in the year of death. Because the receipt issued qualifies for a tax credit, this option can offset the income tax liability on your estate.
- Donate assets and use a life insurance policy to replace the value of the donated assets.
With this option, you receive a charitable tax receipt for the amount the donated assets. With the tax savings from the charitable gift, you can purchase a life insurance policy for the value of donated assets, naming your heirs as beneficiaries.
To learn more about giving a gift of life insurance, please contact:
Wes Guthro, Director of Partnerships
All discussions are strictly confidential and do not require any commitment on the part of the donor. It is always important to consult a qualified tax consultant or chartered accountant when determining the best strategy for your particular tax situation.