It is possible to designate a charitable organization as the beneficiary of the death benefit of an insurance policy.

Here are two ways of giving without penalizing your heirs:

  • The insurance policy is surrendered to the Quebec Cancer Foundation, which becomes the owner and beneficiary of the policy. Every year, you pay the premium directly to the insurer. The latter confirms the amount of the payment to the Quebec Cancer Foundation, which issues a tax receipt for the donation. This can be used to offset your annual income tax assessment.
  • The Foundation is designated as beneficiary of the life insurance policy: the death benefit is received as a donation. The Foundation issues a tax receipt to the donor’s estate. The estate can use the receipt as a 100% deductible tax credit. Any excess amount may be applied to the year preceding the death of the insurance policy owner.
For more information or to make a life insurance donation, contact us at 514 527-2194 or toll-free, at 1 877 336-4443.

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