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Charity-Owned Life Insurance
Designed for charitable giving in Canada to provide future financial security to the charitable organization.
Available only from Canada Life, My PAR Gift is an innovative, single premium life insurance solution.
Legato Wealth Management is a licensed agent for Canada Life.
Generous Donor
Available to an individual(s), or controlling shareholder(s) of a private corporation.
With any registered charity in Canada, the donor agrees to set up and fund a life insurance policy that the charity will own. Canada Life offers MyPAR Gift for a single donation strategy, while most other permanent life insurance policies can qualify too. |
Charity Owned
Every registered charitable organization in Canada can own a MyPAR Gift life insurance policy with and be the sole beneficiary of the policy.
My PAR gift is offered by Canada Life Assurance Company. Legato Wealth Management Inc. is a licensed agent of Canada Life. |
Legacy Giving
At the time when the My PAR Gift policy goes into effect, two donors can magnify their charitable donation depending upon their age(s) .
Two Donors at: @70 years old - double impact @60 years old - triple impact @ 50 years old - six times impact @40 years old - ten times impact Matched funding by the charitable organization doubles the result. *Estimated values at life expectancy. |
The Minimum
A donation of $10,000 or more puts a My PAR Gift life insurance policy in place.
No further policy funding is required. Match funding by the charitable organization is permitted. |
Annual Dividends
Each annual policy dividend increases both the cash value of the policy and the payout to the charity upon the passing of the life insured.
The dividend scale interest rate for new Canada Life policies is 5.50%, effective July 1, 2024. In 2023, Canada Life distributed $1.57 billion in combined open participating account policyowner dividends. |
Financial Flexibility
As policy owner, the registered charity can switch at a future date to taking the annual policy dividends in cash, instead of additional death benefit payout, to support their operations and philanthropic goals.
Once the decision has been made to receive cash dividends, that remuneration remains in place for the lifetime of the policy. |
The Donation
The charitable donation can be made to the charity at any time, or to Canada Life directly once the policy application has been approved.
Only the registered charity can issue an official receipt for tax purposes. |
A Specific Year to Donate
If the donor needs certainty regarding the tax year of their donation, the donor should make their donation directly to the registered charity during the desired tax year.
If a donor chooses to fund the My PAR Gift policy directly to Canada Life, the charitable donation receipt can only be issued by the registered charity in the calendar year that the policy gets placed in-force by Canada Life. |