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Number of hours of work that a $1,000 bursary could save a Seneca student earning minimum wage.

Advice on insurance-based giving

How to give on a grand scale… while living on a pension

THERE IS NO GREATER FEELING than supporting the causes we hold dearest (especially when that cause is educating the next generation of Seneca students).

But most of us don’t have the means to make five- or six figure-gifts to our favourite college. Yet there is another way to make a big philanthropic splash, even if you’re living on a fixed income and have family members you’d like to support during your lifetime, and through your will.

By purchasing a life insurance policy, and naming Seneca as the owner and beneficiary, you can make a larger gift. All of your premiums are tax deductible, and you can turn those reasonable monthly payments into a major contribution for a fraction of what you’ve paid.

This is the approach retired Seneca Dean of Business Maureen Dey has taken to support future students. Her donation of life insurance occurs separately from her estate. This means Maureen’s gift will not be impacted by estate taxes or professional fees, and it will go directly to Seneca after she passes.

“Seneca has given me a great life, and I want to give back,” says Maureen. “This gift will not affect the inheritances of my loved ones. And I can use the tax credit during my lifetime.”

How does a gift like Maureen’s work? Imagine a 65-yearold, healthy donor living in Ontario purchases a new life insurance policy with the intention of gifting it to Seneca. He or she names Seneca as the owner and beneficiary of this “Term 100” life insurance policy, which has a fixed monthly premium of just $64 and provides a guaranteed death benefit of $25,000. (Refer to the chart on the right for more details.)

Please note: The premiums a donor pays are based on age, health and type of insurance policy. Always talk with a professional insurance advisor to determine the best options for you to meet your charitable goals.

To learn more about establishing a gift to Seneca through a life insurance policy, contact Seneca Senior Development Officer Debbie Kesheshian:

Your donation to Seneca can be designated to financial aid, programs or capital campaigns.


Annual cost of insurance premiums

$769.08 ($64.09/month)

Tax credit received annually against the cost of the premium


Actual annual cost of the premium after tax credit


Total cost of the policy after tax credit (assuming death at age 81—the current Canadian average life expectancy)


Donation to Seneca when policy is claimed


40 RED 2016