This is a very effective way to give to Algonquin College.  This also allows donors the opportunity to leave a larger gift then they had originally considered.   As of 2000, a charity can be made the beneficiary of a life insurance policy. Upon death, the benefits of that policy are applied to the charity and your estate receives the tax receipt, the proceeds of the life insurance policy avoid probate taxes.

There are two ways you can use a life insurance policy to benefit Algonquin College:

Existing Policy

You may change the ownership of a policy that you own and designate the Algonquin College Foundation as the ownership beneficiary, transferring the policy to the Algonquin College Foundation, would make the premium payments and the Foundation issues tax receipts annually for the full amount of those premiums.

If you choose, you may also maintain the ownership and name the Algonquin College Foundation as a beneficiary.  Revenue Canada will not allow a tax receipt to be issued in this case until the Foundation receives the insurance proceeds upon death of the insured.

New Policy

You can take out a new policy and make the Algonquin College Foundation the owner or beneficiary.  Similar to the above information if the Foundation is named the beneficiary there will be no tax receipt issued annually for premiums.

Why leave a life insurance policy to Algonquin College?

You gift is not subject to taxes, probate costs or estate debts.

You can choose a variety of products, price ranges and timeframe to suit you.

You will realize considerable tax benefits

You can make a substantial future gift through relatively small, monthly, annual or single deposits.