Facts about CMIC's gift annuities
Catholic Missions In Canada gift annuities include:
- Catholic Missions In Canada (CMIC) annuity program has been successfully operating since 1952
- Preferred rate of income - the income rate for a gift annuity with Catholic Missions In Canada is based primarily upon your age at the time you establish your annuity. Other factors that may vary your rate are: bond rates, amount of gift, and frequency of payments. Once your annuity is established, your income rate and the terms of your agreement are guaranteed for life.
- Tax-free income - income earned on a charitable gift annuity is partially - sometimes totally-tax-free. The older you are when you establish your annuity, the higher your tax-free portion will be.
- Charitable receipt - you will receive a one-time charitable donation receipt for 20% or more of your gift. This receipt is issued at the time you establish your annuity for the portion of your gift annuity that Canada Revenue Agency considers an outright gift to Catholic Missions In Canada.
- If a portion of your annuity income is taxable, CMIC will issue a T4A to you each year in January.
- The minimum gift for an annuity is $10,000. There is no maximum. With a $10,000 annuity, you can choose to receive your income payments quarterly, semi-annually or annually. For $20,000 or more, you can also choose monthly payments.
- The minimum age is 60 years. Any time from January 1st, you are eligible to receive the rate of income for the age you will become during the year, regardless of your month of birth.
- For joint annuities the income is paid out without interruption until the end of the second annuitant's life. Joint annuitants must be related - spouses, siblings, parent/child, etc.
- Canada Revenue Agency does not allow the tax-free roll-over of registered funds, such as RRSPs or RRIFs, into gift annuities.
- Investment - when you fund a charitable gift annuity with CMIC, the funds are invested in our segregated annuity fund for your lifetime(s).
- An irrevocable agreement is signed by CMIC and yourself. The terms of this agreement are guaranteed for life. You have ten (10) days from receipt of our annuity contract in which to terminate your Agreement.
- The principal amount of your gift annuity remaining at the end of your life (or lives) will be distributed to our poorest Catholic missions across Canada.
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