Canada Life My Par Gift
Canada Life My Par GiftTM life insurance is a single premium insurance product designed for charitable giving. It’s a tailored product that allows your donors to make a bigger impact with the charitable donation they make during their lifetime.
My Par Gift is an innovative, first-of-its-kind, single premium insurance product designed for charitable giving using life insurance. You are the owner and beneficiary of the policy. The donor makes a donation for the single premium which qualifies as a charitable donation. My Par Gift can offer you the flexibility of a payout when the insured person dies or access to cash while they’re alive. It is important to note that any withdrawals or unpaid loans will decrease the size of your payout.
What is Canada Life My Par Gift participating life insurance?
Description: This video combines stock video, animation and text on screen along with a narrator and music to talk about Canada Life My Par Gift life insurance.
Description: Video opens with a shot of an older and younger person holding hands. The Canada Life logo appears over this shot.
Narrator: Your goal of giving to charity is to make as big an impact as possible.
Description: Opening scene transitions to sliding images of women holding books in a library, then to a child hugging a medical professional in a hospital, then to a solid background. Words “Canada Life My Par Gift” appear on screen while an animated line traces a heart around the words.
Narrator: Canada Life My Par Gift life insurance helps you do that. It’s simple, unique and innovative participating life insurance.
Description: The words “simple, unique and innovative” appear on screen.
Narrator: Backed by the strength and stability of Canada Life, where charitable giving is a cornerstone of our corporate philosophy.
Description: More still photos slide across the screen including a Canada Life employee volunteer building a home, Canada Life employees cutting a ribbon, and Canada Life employees with a big cheque giving to a medical foundation. The solid background returns and the animated line starts tracing across the screen.
Narrator: My Par Gift life insurance lets you make a one-time premium payment donation that provides an immediate tax credit.
Description: The animated line draws a cheque and the words “One-time premium payment donation” appear on screen. The animated line turns into a pen signing the cheque and the words “Immediate tax credit” appear on screen.
Narrator: And that can grow into an even larger donation over the policy’s life.
Description: The animated line draws a hand holding a seedling.
Narrator: It’s also more flexible for the charity who owns and controls the policy.
Description: The animated line becomes a small tree that grows into a larger and larger tree.
Narrator: Make your mark. Donate today and grow your impact tomorrow with My Par Gift life insurance.
Description: The words “Learn more by talking to an advisor” appear on screen.
Narrator: Learn more by talking to an advisor.
Description: Canada Life logo appears along with the words: Canada Life and design are trademarks of The Canada Life Assurance Company. Canadalife.com 1-888-252-1847
Product related questions
1. Who qualifies as the owner of a Canada Life My Par Gift policy?
The owner must be a registered charity.
2. What qualifies as a registered charity?
Canada Life doesn’t determine what charities are considered registered. A registered charity refers to an organization that’s registered as a charity with the CRA. You can visit the CRA site for more details on registered charities.
3. Who qualifies as a beneficiary for a Canada Life My Par Gift policy?
The beneficiary is intended to be the owner or another registered charity. If the owner wishes to designate a beneficiary that is not a registered charity, before doing so, they'll obtain professional advice about if this may affect their status as a registered charity.
4. Who qualifies as the donor for a Canada Life My Par Gift policy?
Generally, the donor will be the same as the insured.
5. Can a corporation be a donor for a Canada Life My Par Gift policy?
Yes. Generally, the controlling shareholder of the corporation must be the life insured of the policy.
6. What is the minimum single premium amount needed to purchase a Canada Life My Par Gift policy?
$10,000.
7. Can a donor donate to two charities with one Canada Life My Par Gift policy?
No. However, the donor can split their donation and have the two charities each apply for their own Canada Life My Par Gift policy. Or the donor could purchase one of Canada Life’s other permanent life insurance policies and name the two charities as beneficiaries.
Premium payment, donation receipts and tax related questions
8. Who can make a payment for the Canada Life My Par Gift policy?
The donor can make the single premium payment directly to Canada Life or they can make the donation to the charity who will make the premium payment to Canada Life.
9. Who will issue the donation tax receipt to the donor?
All donation receipts will be issued by the registered charity, not by Canada Life.
10. Once the donor makes a payment, how will the charity be notified?
Canada Life will send the registered charity a notification of the amount and the date the policy was placed in-force.
11. How will a donor ensure they receive a donation tax receipt in a calendar year?
If the donor needs certainty regarding the tax year in which their donation will be recognized by the registered charity owner, the donor should consider paying the registered charity directly during that tax year instead of Canada Life. This is because if a donor pays Canada Life directly instead of the registered charity, there is no guarantee that the calendar year the donor makes payment to Canada Life will be the calendar year the registered charity will recognize the donation for the purpose of issuing a charitable donation tax receipt. Rather, the calendar year in which the policy is placed in effect will be the calendar year the donation is recognized. This means that if the donor pays Canada Life in the current calendar year but due to underwriting and delivery processing, the policy is not in effect until the next calendar year, the donor will not receive a charitable donation tax receipt recognizing the donation for the current calendar year.
Application and process related questions
12. What if the donor or insured would like information on the policy once it’s in-force?
A policy information access authorization form will be included in contract package. The charity can complete and return the form to Client Service.
Product related questions
1. Who qualifies as the owner of a Canada Life My Par Gift policy?
The owner must be a registered charity.
2. What qualifies as a registered charity?
Canada Life doesn’t determine what charities are considered registered. A registered charity refers to an organization that’s registered as a charity with the CRA. You can visit the CRA site for more details on registered charities.
3. Who qualifies as a beneficiary for a Canada Life My Par Gift policy?
The beneficiary is intended to be the owner or another registered charity. If the owner wishes to designate a beneficiary that is not a registered charity, before doing so, they'll obtain professional advice about if this may affect their status as a registered charity.
4. Who qualifies as the donor for a Canada Life My Par Gift policy?
Generally, the donor will be the same as the insured.
5. Can a corporation be a donor for a Canada Life My Par Gift policy?
Yes. Generally, the controlling shareholder of the corporation must be the life insured of the policy.
6. Can you have more than one person as the insured person for a Canada Life My Par Gift policy?
Yes.
7. What is the minimum single premium amount needed to purchase a Canada Life My Par Gift policy?
$10,000.
8. Can a donor donate to two charities with one Canada Life My Par Gift policy?
No. However, the donor can split their donation and have the two charities each apply for their own Canada Life My Par Gift policy. Or the donor could purchase one of Canada Life’s other permanent life insurance policies and name the two charities as beneficiaries.
Premium payment, donation receipts and tax related questions
9. Who can make a payment for the Canada Life My Par Gift policy?
The donor can make the single premium payment directly to Canada Life or they can make the donation to the charity who will make the premium payment to Canada Life.
10. Who will issue the donation tax receipt to the donor?
All donation receipts will be issued by the registered charity, not by Canada Life.
11. Once the donor makes a payment, how will the charity be notified?
Canada Life will send the registered charity a notification of the amount and the date the policy was placed in-force.
12. How will a donor ensure they receive a donation tax receipt in a calendar year?
If the donor needs certainty regarding the tax year in which their donation will be recognized by the registered charity owner, the donor should consider paying the registered charity directly during that tax year instead of Canada Life. This is because if a donor pays Canada Life directly instead of the registered charity, there is no guarantee that the calendar year the donor makes payment to Canada Life will be the calendar year the registered charity will recognize the donation for the purpose of issuing a charitable donation tax receipt. Rather, the calendar year in which the policy is placed in effect will be the calendar year the donation is recognized. This means that if the donor pays Canada Life in the current calendar year but due to underwriting and delivery processing, the policy is not in effect until the next calendar year, the donor will not receive a charitable donation tax receipt recognizing the donation for the current calendar year.
Application and process related questions
13. What if the donor or insured would like information on the policy once it’s in-force?
A policy information access authorization form will be included in contract package. The charity can complete and return the form to Client Service.
Canada Life Client service Centre: 1-888-252-1847
Things you need to know
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Before policy issue
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After application approval
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After policy issue (premium payment and charitable donation tax receipt)
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General service while policy active (while insured is alive)
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When the insured dies (at claim time)
Before policy issue
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Review the Canada Life My Par Gift digital toolkit
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Work with an advisor and with the insured/donor to determine important details before Canada Life issues the policy. Details such as:
How much the insured/donor wants to donate now to make the biggest impact for the charity when the insured person dies.
Decide who should make the premium payment to Canada Life, and when it should be made (timing for donation tax receipting could differ).
Choosing the appropriate dividend option:
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Paid up additional coverage.
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Enhanced lifetime coverage.
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Cash dividends.
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Submit an application to Canada Life.
After application approval
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After the application is approved, you’ll receive:
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The Canada Life My Par Gift contract – with the insured’s personal information removed.
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The policy information access form will be included with the contract. If you want the insured/donor to be able to access information on this policy, complete and return this form.
After policy issue/premium payment and charitable donation tax receipt
After the policy is in force, you’ll receive:
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A proof of payment letter from Canada Life confirming who made payment to Canada Life, the total amount paid, and the date on which the payment was applied as the one-time premium payment to the policy.
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You’ll issue the appropriate charitable donation tax receipt to the donor – where the donor makes payment directly to Canada Life, you can rely on the proof of payment letter from Canada Life for your records.
While the policy is active/while the insured is alive
Since My Par Gift only requires a single premium payment to purchase a fully paid-up life insurance policy with a guaranteed payout, no further premium payments will ever be needed. This means you won’t need to follow-up with the donor or Canada Life to see if future premiums have been paid. Here’s what else you need to know:
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Canada Life will send you a T5 slip in any applicable year because this policy is non-exempt.
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Canada Life will also send you an annual statement that provides the policy’s current insurance payout and cash value.
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Make sure the insured person’s family knows the Canada Life My Par Gift policy exists to ensure that either you or Canada Life is notified at death by the insured person’s family.
For general inquiries or to access the policy’s cash value through a loan or withdrawal, change dividend option or any other policy change, contact Canada Life Client Service Centre at 1-888-252-1847.
Please note: some policy changes may require underwriting. In those situations, you’ll be required to consult with the insured/donor. Our Client Service team will assist you through this process. This may require working with an advisor.
When the insured dies (at claim time)
You may be notified by:
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The insured person’s family or their executor
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The advisor
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Canada Life
If the claim has not been reported to Canada Life
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Contact the Client Service Centre at 1-888-252-1847 to report the death of the insured and to get further instructions on how to submit the claim; or,
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If you have a relationship with the advisor, they can reach out to Canada Life to start the claim process.
If the claim has been reported to Canada Life
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Canada Life will reach out to you with further instructions on how to submit the claim.
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In all cases, we’ll need proof of death. If you are reporting the claim, the insured person’s family or their executor should provide this to you.
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After the claim’s approved, you’ll get a cheque from Canada Life.
The following resources are available to give you and your donors all the necessary information about My Par Gift and charitable giving.
Get in touch with us today:
- Call our Client Service Centre – 1-888-252-1847