There are two ways you can use insurance to support the work of The United Church of Canada Foundation. The simplest is to retain ownership of the policy and designate the Foundation to receive all or a portion of the death proceeds. Alternatively, you may want to talk to us about transferring the ownership of the policy to the Foundation. In that case, you would give up all of the rights associated with the policy but would receive tax receipts for premiums paid on the policy.
To follow the simplest way, you would name the Foundation as the beneficiary of the policy. Upon your death, the Foundation would then receive the proceeds. While this yields no tax credit during your lifetime, it enables your estate to claim a credit on the final tax return after your death.
To receive a tax benefit during your lifetime, you transfer ownership of the policy to the Foundation. The Foundation issues a tax receipt for the cash value of the policy, which is creditable on your current year’s return. If premiums are still owing and you continue to pay them, donation receipts will be issued for those payments as well. This gift must be discussed with Foundation staff in advance.
Please contact Foundation staff by email or by phone at 1-866-340-8223. If you have named the Foundation as a beneficiary of your policy, we would like to thank you and report to you annually as we do with our other donors. If you are considering transferring ownership of a policy to the Foundation, contact us so that we can be sure we handle your gift as you intend.