Life Insurance

LEAVING A GIFT OF LIFE INSURANCE 

Legal Name:
Our proper legal name for making a gift is THE CANADIAN MEDICAL HALL OF FAME
Charitable Registration #14003 6914 RR0001

Donating life insurance to a charity is a powerful way to increase the impact of your legacy by leveraging affordable premium payments into a significant, meaningful future gift. This allows you to make a larger gift than you may have thought you could afford during your lifetime. 

Benefits

• You will create an enduring legacy while receiving important tax benefits.
• A gift of life insurance to a registered charity is not part of your estate and therefore not subject to capital gains, or other taxes.
• You may structure your tax credits to suit your financial situation. Depending on the giving option selected, you can either receive an annual charitable donation receipt or your estate can receive a tax credit in the year of your death.
• By designating the Canadian Medical Hall of Fame (CMHF) as the beneficiary of a new or existing policy, your estate will receive a charitable donation receipt for the value of the death benefit which can reduce the amount of taxes payable by your estate.  

How it works 

There are several ways to make a charitable gift through a life insurance policy – transfer ownership, purchase a new policy or change the beneficiary of an existing policy. The change of ownership/beneficiary sequence is important. When deciding on the best strategy for managing your estate or your tax situation, please consult your financial advisor or insurance provider and please also contact our Office to discuss your intentions. 

• Transfer ownership of a paid-up policy that you no longer need, designating the Canadian Medical Hall of Fame as the irrevocable owner and beneficiary. CMHF will provide you with a charitable donation receipt for the cash surrender value (less any outstanding policy loans). This option provides an immediate tax benefit while you are living.
• Purchase a new policy designating the Canadian Medical Hall of Fame as the irrevocable owner and beneficiary of the death benefit. You will receive a charitable donation receipt each year for the value of the annual premiums paid.
• Maintain ownership of a policy, but name the Canadian Medical Hall of Fame as the sole or shared beneficiary. Upon your death, CMHF and any other named beneficiaries will receive the proceeds of the policy.  Your estate will be issued a charitable donation receipt from CMHF for the portion received and this qualifies for a tax credit that can offset the income tax liability on your estate. Premium payments made during your lifetime are not eligible to receive a charitable donation receipt because you maintain ownership of the policy.

Please Note: The information provided is general in nature and should not be considered as professional legal/financial planning advice. With all planned gifts, before making final decisions discuss your gift intentions with your family and seek independent professional advice to ensure your financial and philanthropic goals are considered, your tax situation reviewed and your planned gift is tailored to your personal circumstances.