Life insurance can be a useful and low-cost way of making a charitable gift. It often makes a larger gift affordable. You can make a gift to your local parish or any other charity of the Archdiocese of Toronto.
There are four ways to make a gift of life insurance:
Donated Policy: The premiums you pay are eligible for a charitable income tax credit each year and proceeds are paid from the insurance company directly to the charity upon your death. The proceeds are not reduced by taxes or fees from an estate.
Making a charity a direct beneficiary of a policy: The premiums you pay are not eligible for a charitable income tax credit each year but when the proceeds are paid from the insurance company directly to the charity upon your death your estate will receive a receipt for the full amount. The proceeds are not reduced by taxes or fees from an estate are usually a major factor in tax savings in an estate plan.
Making the charity a beneficiary of your insurance policy in your Will: The premiums you pay are not eligible for a charitable income tax credit each year. The proceeds of the policy are paid from the insurance company to your estate upon your death. Although your estate will receive a receipt for the full amount, the proceeds are reduced by taxes and fees as well as being vulnerable to any challenges to the estate.
Gifting a paid up life insurance policy: Anyone can make a current gift of a paid up life insurance policy – you would receive a receipt immediately upon the gift being made.
Many parishioners consider including a charity as a beneficiary as a contingency in the event of an accident involving both spouses.
Most importantly you need a proper insurance advisor. If you do not have one the Archdiocese maintains a list of Catholic Advisors near your parish and can provide a list for you to contact and consider. For more information please contact:
Peter OkonskiManager, Planned Giving and Personal GiftsDevelopment Office416-934-3411 x firstname.lastname@example.org
All calls are strictly confidential, there is no fee or charge for this service.
Anyone can make a charity the direct or contingency beneficiary of an RRSP or RRIF.
At age 71, RRSPs must be converted (“rolled over”) into a Registered Retirement Income Fund (RRIF). A minimum amount must be drawn from the RRIF each year – many people don’t consider that often that amount may be equal to what they give away to charity each year. By donating directly you will save yourself time ensure your parish offertory continues each year!
Gifts designated by RRSP/RRIF go directly and confidentially to the charity of your choice.
For more information please contact:
Gifts “in-kind” can be as simple as small collections (stamps and coins) or items such as art, musical instruments and real estate. You can donate an old car, jewellery, a collection that would be liquidated to serve as your parish offertory gift. Gifts from a business can be made and support your favourite Catholic charity! All of these options leave your money in your pocket.
At this time many parishioners are also consider gifting air miles, points from credit cards and affinity programs. Call us for more information
Policy and Procedure for Gifts in Kind
An endowment is a gift that lasts. Usually involving a large gift, the original capital of the gift is preserved in an account and the income is forwarded to a charity on a regular basis. An endowment fund can consist of cash, securities, paid-up life insurance policies as well as personal and real property.
This endowment can also be administered by a bank or financial firm and called a “donor advised fund”.
Many people don’t think they can create a large fund but starting one now, contributing in life and making the fund a beneficiary of your Will can allow you to create significant gifts – scholarships, parish projects, helping programs such as vocations, music or youth funds every year….forever!
Creating a fund is the result of a desire to help, start the conversation today.