If you want to make a lasting contribution to the Alberta Society of Islamic Fellowship while ensuring your family is looked after, consider a gift of life insurance. Donating life insurance can also have considerable tax benefits.

 

Here are two options:

​

• Name the Alberta Society of Islamic Fellowship as a policy beneficiary: Retain ownership and control over the policy; bypass probate fees; apply tax receipt to your final tax return.

• Name the Alberta Society of Islamic Fellowship as owner and beneficiary of a new or existing policy: Immediate tax receipt for fair market value of policy (if transferring existing policy); tax receipt for all subsequent premium payments.

​

1. Only modest, regular payments required.

2. Maximize tax credits to your estate.

3. Get tax receipt for premium payments.

​

For Example:

A donor purchases an insurance policy that has a death benefit of $100,000 and names the Alberta Society of Islamic Fellowship as owner and beneficiary. She pays premiums of $2,000 per year for 10 years, after which the cash value is expected to be sufficient to sustain the policy.

​

1. The $2,000 annual premium payments are eligible for a tax receipt.

2. The donor gets a tax credit of $1,000 on the annual premium payments.*

3. The donor pays a total of $20,000 in premiums for a future gift of $100,000.

* Tax credit depends on donor's income and specific circumstances.