The Canada Life My Par Gift is a unique single premium payment participating life insurance product designed for charitable giving in Canada. Here are key points about this innovative offering:
Purpose: The My Par Gift is tailored to allow donors to make a significant impact with their charitable donations during their lifetime. It provides a way to support causes that matter to them while also receiving tax benefits
Ownership and Beneficiary: In this arrangement, the registered charity becomes both the owner and beneficiary of the policy. The donor makes a one-time premium payment, which qualifies as a charitable donation. The charity has the flexibility to receive a payout upon the insured person's death or access cash while they are alive
Tax Benefits: By making a single premium payment, donors can immediately receive a tax credit. This product offers simplicity, uniqueness, and innovation in participating life insurance, backed by the strength and stability of Canada Life, where charitable giving is fundamental
Flexibility: The My Par Gift allows for a straightforward donation process with no future payments or commitments required. It offers donors the opportunity to create a lasting impact through their charitable contributions
The Canada Life My Par Gift is an effective tool for individuals looking to support charitable causes in a tax-efficient manner during their lifetime, providing an avenue to make a meaningful difference while optimizing tax benefits.