ASNL is partnering with Sun Life Financial to offer you options to plan for a lasting legacy in your name or the name of a loved one to the organization. Your gift will provide us with the funds we need to serve our community today and to grow well into the future.
How it works
We will put you in touch with a Sun Life Financial Advisor who will work within your budget to apply for whole life insurance on your own life, and then assign it to the Autism Society of Newfoundland and Labrador (ASNL) as the new owner and beneficiary. You may pay premiums personally, or donate funds to the charity annually to maintain the policy.
What are the advantages to you, the donor?
- An inexpensive way to donate large amounts of cash to the ASNL.
- You have the assurance of knowing that your support for the ASNL’s work will not cease upon death.
The ASNL can issue you a charitable donation receipt for the amount of premiums paid in the year, which entitles you to a charitable donation tax credit on your income tax return. The policy proceeds pass directly to the ASNL upon death, avoiding the delays and the expenses of probate, and other fees associated with the transfer of assets on death.
What if I need tax relief for my estate when I die?
If you prefer, you can buy an insurance policy on your life, and name the charity as the beneficiary. You will not be entitled to any charitable donation tax credit on premiums you pay, but on your death, the charity can issue a donation tax receipt for the amount of proceeds it receives from the policy. The resulting charitable donation tax credit may help reduce the income taxes payable on capital gains, the proceeds of your registered plans, or your other income in the year of your death.
What are the advantages to the charity?
- Your trusted support will not cease on your death. Instead, substantial proceeds will be available for special projects or programs the ASNL may not have otherwise been able to undertake.
Matt White at Sun Life Financial has made himself available to help you with the details. And you know you have helped to make a significant difference in the lives of everyone we service here at the ASNL throughout the province.
Sun Life Financial Advisor
145 Kelsey Dr., St. John’s
576-6243 x 2366 (w)