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Make a Difference with Charitable Giving
Dedicating a portion of your wealth to charity is one of the noblest gestures you can make. That's because donors are the reason why charities can better our communities and our lives. What better way to make a difference to society than by contributing to their ability to perform good work?
By incorporating charitable giving into a comprehensive estate plan, your assets can benefit organizations or causes you care about. With proper planning, your generosity can go further with an impact beyond your expectations. Life insurance is one solution that can benefit donors, their families and charities.
When using life insurance for charitable giving, the proceeds of the policy are bequeathed to a charity. These are usually many times more than the value of the premiums. As an added bonus, life insurance policies typically avoid or reduce estate taxes. Life insurance can be incorporated into charitable giving plans to suit each individual's philanthropic needs and provides some advantages over other methods of gifting.
Charitable giving can contribute to minimizing taxes during your lifetime and can go a long way to protecting your assets for your heirs. With life insurance, you can use the tax credits today when premiums are paid or defer them for use by your estate upon your death.
Charitable giving is always a winning gesture all the way around. It ensures that charitable institutions can fulfil their missions and provides you and your family with satisfaction. With careful planning you could maximize tax benefits for you, your family and your charity. The personal satisfaction that comes from endowing a worthwhile Canadian institution is far more rewarding than any financial gains you may receive.
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