es, you can! If you make a registered Canadian charity the owner and beneficiary of your life insurance policy, you can get a tax receipt for half of the premiums you pay each year. It’s a win-win: you support a cause you care about, and you get a tax break too.
Here’s the catch: the charity needs to be the official owner of the policy, and you can’t change your mind later on (it’s called an “irrevocable” beneficiary).
Since tax rules can be a bit tricky, we recommend talking to your accountant to make sure this strategy works for you. Need some guidance? Our easyLife experts are happy to chat and answer any questions you have!