Summary Policy

Date
September 3, 2003 (Revised September 13, 2005)

Reference Number
CSP - D09

Key Words
Direct designation - Enduring property - Life insurance policy

Policy Statement

Under the Income Tax Act, a charitable donations tax credit can be claimed on a deceased individual's return for a donation of a direct distribution of proceeds to a qualified donee who is the designated beneficiary of a registered retirement savings plan (RRSP), a registered retirement income fund (RRIF), or a life insurance policy.

Under the Act, a gift received by a registered charity by way of direct designation is a gift of enduring property.

References

• Disbursement Quota, CSP-D14.
• Enduring Property, CSP-E10.
• Gift, CSP - G01.
• Will, CSP - W02.
• Completing the Registered Charity Information Return, T4033A.
• Gifts and Income Tax, P113.
• Capital Gains and Disbursement Quota Worksheet, T1259.
• Registered Charity Information Return, T3010A.
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 118.1(5.1), (5.2), (5.3) and s. 149.1.