The charitable gift annuity is a popular planned giving instrument for elder Canadians, as it allows a person to makea significant contribution, while maintaining financial security .
There are many benefits of a gift annuity:
A gift annuity allows you to make a significant gift, yet still enjoy the income from that gift;
A gift annuity frees you from investment and management worries;
Payments are fixed for your lifespan and, depending upon age, much of theincome may be tax-free;
An immediate tax receipt is available for a portion of the gift;
You may make an annuity gift for as little as $10,000 and may add future gifts anytime; and,
You may name your spouse as a joint survivor and the payments will continue for as long as either lives.
What Are Gift Annuities?(Also known as Gift Plus Annuities)A gift annuity allows a donor to make a gift, in most cases receive a generous charitable tax receipt and receive an annual tax-free payment, an annuitant, for the rest...