Who should consider a charitable annuity?
A charitable gift annuity is an attractive gift option for older individuals (normally those in the middle income level) who are looking for dependable and substantially tax-free income.
The optimum age for a gift annuity is between 70-80, although many charities do offer annuities to individuals who are 60 years of age.
How Does the CCAA Protect You, the Annuitant?
For a charity to remain a member in good standing, the charity must adhere to the ethics and standards of conduct of the Association:
- The charity must undergo an annual review
- Every three years each charity must have its annuity balances, reserves and investments audited by an actuary to confirm to the association that the charity is in good financial standing in order to fulfill all obligations for the lifetime of all annuitants.
- The Charity must submit all agreements and promotional material in a compliance report on practices and procedures to the board of the association.
For more information about the CCAA organization, click HERE