There are three options:
Use an existing life insurance policy
a) Designate “Baycrest Centre Foundation” as the owner and beneficiary of an existing policy that you no longer need. You will receive a charitable tax receipt for the cash surrender value.
b) Or if the premiums still need to be paid on the policy and Baycrest becomes the owner and beneficiary, you will receive a charitable donation receipt for all payments made after the policy is assigned to “Baycrest Centre Foundation.”
Donate a new policy
Purchase a new life insurance policy and designate “Baycrest Centre Foundation” as the owner and beneficiary. You will receive a charitable tax receipt for the full amount of the annual premium payments.
What are the benefits to you?
- A gift of life insurance does not reduce the size of your estate.
- You make small premium payments now towards a substantial gift later on.
- You can save tax dollars today. For new policies, the premiums that you pay are tax deductible.
- A gift of an existing policy earns you an immediate tax receipt for the cash value of the policy.
Here’s what Baycrest’s donors have to say …
“Baycrest represents the best of how the Jewish community enriches all Canadians. It’s a shining example of the amazing things that happen when people of all backgrounds work together for the common good. I want to support this important work – care, education and research on brain health and aging – and that’s why my family donated an investment of life insurance that makes Baycrest the owner and beneficiary.”
- Elliott Michaelson
To learn more about gifting options, please contact Becki Willoughby, Planned Giving Director, Baycrest Foundation at (416) 785-2500, ext. 3895.
This is general information only and is intended for reference purposes.
You should consult with an experienced estate planner or professional advisor
to help you make decisions that suit your financial and estate objectives.