Charitable Planned Giving

Life insurance provides an affordable way to make significant gifts to your favourite charities and worthy causes. By giving through life insurance you can:

make a substantial charitable donation for a comparatively small premium
become a major benefactor right now, rather than waiting years to make your gift from accumulated assets
gain tax benefits and guarantee the value of your gift will not be reduced by taxes, probate, or administrative costs
make a significant gift of funds that are considered independent of your estate, and therefore cannot be challenged
keep your gift private and confidential.
There are many options for making a gift of life insurance. Some, like the first three listed below, can provide for a generous future gift while offering immediate tax relief. The method you choose will depend on your preference and circumstances.

Transfer ownership of an existing, fully-paid policy - Perhaps you hold a policy that, while fully paid, is no longer required as your family has grown or your financial situation changed. You can transfer ownership of the policy to the charity of your choice and name it as the beneficiary. You will receive a donation receipt for the cash surrender value* immediately, just as if you had made a cash donation.

Sign over a partially-paid policy - When you transfer ownership of a policy that is partially paid and name the charity as beneficiary, you will receive a tax receipt for the cash surrender value*, as well as for further premiums you pay on the policy.

Purchase a new policy and make your favourite charity the owner - When you make the charity the owner and beneficiary of a policy, you are entitled to tax receipts for premium payments.

Make the charity the beneficiary of your policy without transferring ownership - The proceeds of the policy will be paid to the charity immediately upon your death. Now new tax regulations allow your estate to receive a charitable tax deduction for the amount of the insurance proceeds.

Make your estate the beneficiary of the life insurance policy and bequeath the amount of the policy to your charity in your Will - You will not receive tax benefits during your life, but your estate's tax liability will be reduced. However, your donation will be delayed while your estate is processed and because your Will can be challenged or your estate reduced by fees/creditors, the full value of your intended contribution to your charity may be diminished.

* When you receive a tax receipt for the cash value, you may have to claim some portion of the cash value amount as income to offset the tax credit.

Please contact us today for your no-obligation consultation. We look forward to helping you and your family.

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"I heard Mark interviewed on Money Talks radio with Jerry White and was intrigued by the critical illness insurance he specializes in. We set up an appointment in his office and I approached our meeting as a skeptical accountant who doesn't like to be sold insurance. Mark surprised me. He was very thorough and covered all the bases. He looked at my total picture and didn't isolate any parts. He put together a plan for me based on our discussions that would take care of me in my life and he followed up again on each item at subsequent meetings. I purchased a critical illness insurance policy and health benefits and will consider long term care insurance and life insurance with Mark in the New Year. Mark has many strengths. The one that impressed me the most was his ability to recognize my lifestyle as a single woman with no dependants. He designed the right plan to fit. I highly recommend Mark to anyone who requires a truly caring, sincere and professional advisor."
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Chartered Accountant

"I responded to Mark's radio advertising because I was interested in critical illness insurance. My biggest concern as a visiting nurse is what would happen to me and my family if my income stopped due to an accident or sickness. Plus, I had no idea if my current long term disability coverage was adequate as I had no professional advisor to review it for me. Mark was very helpful. He was straightforward on what I had and what I should be doing. He responded quickly to my needs and got me the right critical illness insurance protection and life insurance for me and my family. I feel much better knowing that things have been taken care of and am happy to know that I can always count on Mark if I need anything in the future. I recommend Mark to any busy person who needs things done the right way...and... right away!"
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Visiting Nurse
VHA Nursing Association

"Arranging my insurance needs with Mark Halpern was like dealing with a trusted friend instead of an insurance agent. Mark patiently sat with me on numerous occasions to explain the various options available and the benefits and drawbacks of the numerous insurance products for purchase. I felt as if I obtained an education as to the importance of not just buying insurance, but purchasing the proper type of insurance for my particular situation. Mark is not simply knowledgeable about what is available in the marketplace, but is genuinely concerned that each of his clients obtains adequate coverage in case of a crisis. No one wants to think about such a tragedy occurring to them, but I feel much more confident and comfortable discussing this possibility, knowing that in case of a medical emergency or my premature death, my family's financial needs will be taken care of in my absence. I would not have this sense of security without meeting with Mark. After my experience as his client, I now consider having the proper amount of insurance in place as a necessary and important component of estate planning."
Mark Greenstein
Lawyer
Krol & Krol

"My legal practice is restricted to insurance matters, and Mark Halpern is my personal insurance expert. When someone asks me where to go to get CI or life insurance, I only provide them with one name: Mark Halpern."
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Partner
Borden Ladner Gervais LLP