A Charitable Gift Annuity enables you to give a lump sum to JA Southern Alberta and in exchange receive guaranteed fixed lifetime payments for a specified number of years, or for life. Couples often choose a “joint and last survivor” policy, which will provide payments for the lifetime of both individuals.
The amount of income you receive is determined by age — the older you are, the higher your annual income will be. At 80 years old and over, annuity income is generally tax-free. Note that a charitable gift annuity may increase your after-tax income if most of your funds are invested in GICs or bonds.