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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 

Joint Prescribed Life Annuity
Single Life Annuity - Female, age 79

Annuity Amount

$50,000.00

Lifetime guarenteed monthly income 

$326.40

 - taxable portion of income

Nil

 - tax-free portion of income

Annually 3,916.00

Charitable tax receipt in year of donation

$12,500.00

 - tax credit on donation (Ontario 46.2%)

$5,775.00

The amount of income paid to the annuitant, and the portion that is tax-free, depends on the age of the annuitant. Joint life annuities are also available from the EFC. 

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.

Legacy Giving Links:

Form to obtain Gift Annuity quote

Form for Donation of Securities

LG Contact information:
To know more about legacy giving, please contact Bill Winger, Vice President, Operations at legacygiving@theEFC.ca or (905) 479-5885 x 231 or toll free at 1-866-302-3362 x 231

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