Combining an immediate gift with a life annuity provides you a guaranteed annual payment for life and allows you to make a substantial contribution to the QEII Foundation. It’s a way of giving that allows you to support health care through the QEII Foundation even though you may need ongoing income from your assets.
Your guaranteed annual payments from the annuity, which will be significantly higher than from your GICs or savings bonds, is backed by the assets of the insurance company and is not subject to fluctuating interest rates or renewal schedules. All, or a substantial portion, of your payment is tax free.
Victor and Mae, both age 85, want to make a gift in recognition of the excellent care Mae recently received at the QEII. They use funds from a $50,000 maturing GIC to make an immediate gift of $15,000, for which they receive a tax receipt, and the Foundation assists them to purchase a joint and last survivor life annuity with the remaining $35,000. This annuity provides them with payments of $4,250 (8.5%) per year. And 100% of the annual annuity payments are tax-free.
Please note that the above example are for illustration purposes only. Rates will vary.
Charles O'Neil, director of gift planning at the QEII Foundation, is available at (902) 473-7932 or at qe2-hsc.ns.ca to explore all options available. All discussions are held in strict confidence and do not require any commitment on the part of the donor.
The information on this website is provided for the general information of donors and friends of the QEII Health Sciences Centre Foundation. It is not intended to be a substitute for professional legal or financial advice. As individual situations may differ you are strongly advised to consult with your own professional legal, estate planning and financial advisors before deciding upon a course of action.