Life insurance policy

Summary policy

Date
October 25, 2002

Reference number
CSP-L02

Key words

Life insurance policy – Planned giving

Policy statement

When an individual absolutely assigns a life insurance policy to a registered charity and makes the charity the registered beneficiary of the policy, the charity can issue an official donation receipt for the cash surrender value of the policy at the time of donation and for the subsequent payment of premiums.

References

• Interpretation Bulletin IT-244, Gifts by Individuals of Life Insurance Policies as Charitable Donations
• Registered Charities Newsletter, Issue No. 27
• Information Circular IC89-3, Policy Statement on Business Equity Valuations

Date modified:

2012-01-18