Tax Benefits ?
Posted On Wednesday, March 5, 2014 at 04:48You qualify for preferred tax treatment. The payment you receive will not be fully taxable and it may even be completely tax free, depending on your age. A T4A tax slip will be sent to you at the end of each year for that portion, if any, of your income that is taxable. The Gift Annuity you purchase from our Society is a prescribed annuity as per the Income Tax Act. Canada Revenue Agency considers a portion of your gift annuity to be a charitable donation and you will receive a receipt for income tax purposes.