Summary policy

As a result of Budget 2010, the information on this page applies only for fiscal periods ending before March 4, 2010.

Date
September 3, 2003 (Revised September 13, 2005)

Reference number
CSP-D09

Key words

Direct designation - Enduring property - Life insurance policy

Policy statement

Under the Income Tax Act, a charitable donations tax credit can be claimed on a deceased individual's return for a donation of a direct distribution of proceeds to a qualified donee who is the designated beneficiary of a registered retirement savings plan (RRSP), a registered retirement income fund (RRIF), or a life insurance policy.

Under the Act, a gift received by a registered charity by way of direct designation is a gift of enduring property.

References

• Summary policy CSP-W02, Will
• Form T1259, Capital Gains and Disbursement Quota Worksheet
• Guide T4033B, Completing the Registered Charity Information Return
• P113, Gifts and Income Tax
• Form T3010, Registered Charity Information Return
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 118.1(5.1), (5.2), (5.3) and s. 149.1