COLUMNIST
THE ACCIDENTAL PHILANTHROPIST MARK HALPERN
Eat your cake. And donate it too!
T
BY MARK HALPERN, CFP, TEP, MFA-P
Mark Halpern, CFP, TEP, MFA-P 12
FOUNDATION Magazine
March/April 2022
here are many ways to mix and match insurance products to meet your financial planning needs. Today, I’d like to introduce you to one that lets you enjoy relatively high levels of guaranteed income for life and leave a meaningful bequest to your favourite charity. Here’s how it works. You use non-registered funds (outside RRSPs, RRIFs and TFSAs) to purchase an Annuity that pays regular income for life. At the same time, you buy permanent Life Insurance to match the purchase amount of the Annuity and transfer ownership of the policy to a registered charity of your choice, including your own Private Foundation or a Donor Advised Fund (DAF). That way, every premium payment made on the Life Insurance is tax-deductible because it’s a donation to the charity — which has the effect of reducing your annual tax bill. foundationmag.ca