Ways to use life insurance as a gift:
- Make The Princess Margaret Cancer Foundation the beneficiary ofyour life insurance policy, or transfer ownership to the Foundation
- Purchase a new policy and make The Princess Margaret Cancer Foundation the owner
- Designate The Princess Margaret Cancer Foundation as a beneficiary
- Donate your paid up policy to the Foundation
Each of these options have different tax consequences and may make sense at different stages of life. Please consult your broker to assess which option is best for you.
Registered Fund Beneficiary Designations
Leave a life-saving legacy with your RRSP, RRIF, Mutual funds or Tax-free savings (TFSA)
Registered fund beneficiary designations are a great way to contribute to the cause without any initial spending. By naming The Princess Margaret Cancer Foundation as a beneficiary of these assets you will leave a lasting impact on cancer care for generations to come.
How does it work?
At the time of your death your RRSP and RRIF are treated as income and can be taxed quite heavily. By designating The Princess Margaret Cancer Foundation as a beneficiary of your RRSP, RRIF, or Tax Free Savings Account your Estate will receive a charitable tax receipt for your gift which can help to offset or even eliminate taxes owed. The gift usually goes directly to The Princess Margaret without even needing to go through probate.
Disclaimer: The above information is not intended as legal or financial planning advice. When considering any estate gift, you should always consult your legal advisor, financial planner and involve family members in the decision.