One-time payment option qualifies for donation tax receipt
Canada Life, one of the country’s most distinguished providers of life and health insurance solutions, has just made charitable giving a little easier for Canadians.
The company has introduced My Par Gift, a first-of-its-kind life insurance policy for charity giving. The product offers a one-time payment option that qualifies for a donation tax receipt and lets customers designate a registered charity as the policy's owner and beneficiary.
"At Canada Life, we're always looking for impactful ways to build stronger communities by helping our clients, while also supporting charities at a time when they need it most," says Paul Orlander, Executive Vice-President, Individual Customer, Canada Life.
My Par Gift is the first insurance plan in the Canadian market that’s specifically created for charity donations. It simultaneously provides customers the chance to leave a legacy, while giving charities control and flexibility over the insurance policy.
"This new product connects to these values, making it easier for clients to give back to the causes they care about. With no future payments or commitments, the one-time payment is all that's needed to see the benefits of goodwill," Orlander said.
Effective March 30, any Canadian wishing to leave a legacy can benefit from this unique new product by speaking with an advisor.
"The social good this product will do for Canadian charities cannot be understated," says Ruth MacKenzie, president & CEO, Canadian Association of Gift Planners.
"Life insurance has always been a powerful tool for Canadians to protect their families and now that impact can be extended to support their most-loved causes, while also taking advantage of Canada's favourable tax, financial and estate planning system."
