Gifts Of Life
Insurance Calculator

Our custom-built Financial Calculators are designed to help professionals determine the tax impacts of making various charitable gifts.

Life Insurance

Donation of an Existing Life Insurance Policy

A donor may also make a donation of an existing policy. In this case the donor will receive a donation receipt equal to the Fair Market Value of the policy (The Fair Market Value is not equal to the Face Value).

*For purposes of this illustration we have based the Fair Market Value of the policy on the discount factor and the life expectancy. A more complete valuation may also take into consideration other factors such as the health of the life insured, the cost of premiums to replace the policy, etc. The charity will only issue a donation receipt based on a formal valuation report provided by a qualified valuator.

Enter the sex, age, life insurance proceeds and the Calculator will calculate the tax savings from the donation.

A federal tax rate of 27.56% is used for taxable income greater than or equal to $253,415.
A federal tax rate of 24.22% is used for taxable income less than $253,415.

A Quebec tax rate of 25.75% is used for taxable income greater than or equal to $129,591.
A Quebec tax rate of 24.00% is used for taxable income less than $129,591.

Disclaimer: The data entered into the calculator is not collected or sent to third parties. The calculator is subject to our privacy policy.
View Gifts of Insurance Video

Assumptions:

  1. The donor is a Quebec taxpayer.
  2. The full amount of the donation will be eligible for a tax credit at the given rate.
  3. Life expectancy used in the “Charitable Remainder Trust” and “Gifts of Life Insurance” scenarios are based on Statistics Canada most recent data.

The Calculator is provided as an aid only and a donor should consult with a professional advisor before making a gift.

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