Gifts of Life
Insurance Calculator
Our Life Insurance Donation Calculator helps individuals estimate the tax benefits of designating a charity as the beneficiary of their life insurance policy. By entering your age, sex, life insurance proceeds, and annual premiums, you can calculate potential tax savings from your planned charitable gift.
Life Insurance
Pay Premiums on a Life Insurance Policy Owned by Charity
Fund the premiums to be paid by the charity on a policy which it owns and is the beneficiary.
Enter the sex, age and annual premiums, then 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.
Assumptions:
- The donor is a Quebec taxpayer.
- The full amount of the donation will be eligible for a tax credit at the given rate.
- 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.
Ready to get started
making a difference?
Contact us and we’ll put you in touch with a Philanthropic
Advisor to help you open your own DAF.