Charitable Gift Annuities

Would you like to increase your income, save tax dollars and make a charitable gift? A charitable gift annuity (you can download the Form to get a quote) is a way of making a significant irrevocable gift to the Evangelical Fellowship of Canada while receiving a guaranteed personal income for life from the investment, or for a term of years. Depending on the donor’s age, most of the income is tax-free and a charitable donation receipt will be issued for a portion of the funds invested. The table below illustrates the tax consequences and charitable donation receipt for a $50,000 annuity agreement with a female aged 79. The CRA website provides their perspective on charitable gift annuities. Here are some of the benefits you will receive from a charitable gift annuity:

• Much of the income from the annuity is tax free.
• You receive a charitable tax receipt for a portion of the annuity.
• Gift annuity payments are guaranteed and backed by a life insurance company.
• Joint gift annuity payments continue for both you and your spouse’s lifetime.
• A charitable gift annuity is not part of your estate, thereby avoids probate costs.

Annuity Illustration 

To obtain the EFC Application for a Single Life Prescribed Gift Plus Annuity Agreement or an Application for a Joint Life Prescribed Gift Plus Annuity Agreement contact us. Joint life annuity agreements will pay the same amount of income for the life of both parties.