You can make VON Canada a beneficiary of a life insurance policy.
Depending on how you structure your gift, you can realize significant tax advantages during your life or benefit your estate. Remember, your life insurance needs can shift over time. As your life changes, your life insurance coverage may no longer be needed for the purpose it was originally purchased. Using it for charitable purposes might make good sense for your community and for your tax situation.
There are different ways to support VON through gifts of life insurance:
Change an existing life insurance policy
If you no longer need to provide financial security for your heirs, you can change the name of the beneficiary to The Victorian Order of Nurses for Canada.
After your death, your estate will get a charitable donation receipt for the proceeds of the policy. This can offset income taxes payable on your estate’s final tax return.
Transfer the ownership of an existing policy
If you’d like to receive immediate tax savings on the donation of an existing policy, you can transfer ownership to The Victorian Order of Nurses for Canada and make VON Canada the policy’s beneficiary. A portion of your policy’s value will be taxable as income, but you will receive a tax receipt to help offset taxes payable.
Purchase a new life insurance policy
Depending on how you structure a new policy to benefit VON Canada, you or your estate could receive tax receipts.
Contact a member of VON Canada’s team today to learn more: Toll-Free: 1-888-866-2273 ext. 3489, Email: fd@W88 www.renaissancelv.com.
We encourage you to seek independent advice when executing gifts of securities, property, life insurance, charitable gift annuities, wills, trusts, contracts and other legal agreements.