You can donate by transferring ownership of your life insurance policy to ACF.
You may receive an immediate charitable tax receipt for the fair market value of the policy.
This allows you to maximize current tax savings while making a significant philanthropic contribution.
Often used by people who own a term insurance policy they are going to allow to lapse.
Turn an unwanted or lapsing policy into life-changing support for those affected by cancer.
Access valuable tax advantages as part of your broader wealth and legacy planning.
Name: John Smith
Age: 71
Philanthropic Goal: Provide a meaningful gift to the Alberta Cancer Foundation while maximizing tax efficiency today.
| Item | Details | Original Policy Type | Term Life Insurance |
|---|---|
| Conversion Option | Converted to Permanent Policy |
| Policy Type (Post-Conversion) | Whole Life Insurance |
| Item | Details | Death Benefit | $100,000 |
|---|---|
| Fair Market Value (FMV) | $60,000 |
| Ownership | Assigned to Registered Charity |
| Beneficiary | Registered Charity |
| Ongoing Premiums | Donor or Charity |
Fair Market Value (FMV) of Policy Donated: $60,000
Eligible Charitable Donation Receipt: $60,000
Client at Alberta’s Top Marginal Tax Rate
| Description | Amount | Donation Value | $60,000 |
|---|---|
| Estimated Tax Savings | $28,800 |
The FMV of the converted policy was determined in accordance with CRA guidelines, considering the policy’s cash surrender value, reserve values, and other actuarial inputs.
It is recommended that a qualified actuary or insurance valuation expert provide a written valuation report.
This strategy requires thoughtful planning and collaboration between you, ACF, and your professional advisors. We’re here to help you navigate the process.
If you have a life insurance policy either personally or corporately owned you no longer need, and are interested in this donation strategy, please contact us directly to discuss your philanthropic hopes.
Your Message, Our Priority: Reach out to us, and your inquiry will be personally attended to by Dave, Scott, and Tyler. Expect a prompt response within 24 hours.
