If you’re already making regular donations to Michael Garron Hospital, but wish you could give more, life insurance is a great way to maximize your giving.
You can amplify the amount of your charitable gift, and have the satisfaction of knowing your giving is helping us continue to deliver compassionate, patient-centred care to our community.
Not only can you make a larger gift, at relatively little cost to you, but you can also benefit from significant tax breaks.
How it works:
There are three ways to give a gift of life insurance:
- Take out a new policy and make Michael Garron Hospital Foundation the owner and beneficiary of the policy. You’ll pay the annual premium payments and receive a charitable tax receipt annually for the amount paid.
- Take out a new policy or change the beneficiary of an existing policy that you own to Michael Garron Hospital Foundation. Your estate will receive a charitable tax receipt for the value of the insurance proceeds.
- Transfer an existing policy to Michael Garron Hospital Foundation:
- With premiums still owing: Make Michael Garron Hospital Foundation the owner and beneficiary of the policy. You continue to pay the annual premium payments and receive a charitable tax receipt annually for the amount paid. You also receive a charitable tax receipt for the cash surrender value of the policy at the time of transfer to Michael Garron Hospital Foundation.
- Fully paid up policy: Make Michael Garron Hospital Foundation the owner and beneficiary of the policy. You receive a charitable tax receipt for the cash surrender value of the policy at the time of transfer to Michael Garron Hospital Foundation.
All of these options allow you to make a significant donation to Michael Garron Hospital Foundation when you pass away, while receiving tax benefits while you are living or for your estate.
Resources:
Giving a gift of life insurance
Legal Information: For CRA purposes, we file under Toronto East Health Network Foundation, and indicate that we operate as Michael Garron Hospital Foundation, bearing registration number 119259448 RR 0001