Make donations during your lifetime

Making donations during your lifetime can be very advantageous for both donors and beneficiaries. But donors must first properly evaluate how much they will need to live on to avoid ending up in a financially precarious situation. The surplus can then be distributed in accordance with certain tax rules.

Many people start donating assets during their life by, for example, selling their home and moving to a smaller residence and donating the proceeds to a charitable organization.

Donating your life insurance policy

What can you do with a life insurance policy you no longer need? Instead of cancelling it, you can give it to a charitable organization. You'll be able to deduct premiums paid as a charitable donation, under certain conditions.

Find out more about using a life insurance policy as an estate planning tool.