Annuity gifts will keep God’s Word alive in our missions for generations to come
Father Pat Murphy says a fellow priest encouraged him to start his annuities when he was close to 70.
It is a decision he has never regretted. In fact, he has several annuities. Now that he is retired, his annuity income helps to pay his monthly living expense as his priestly pension doesn’t quite do it. It has also allowed him to help his family, take his sister on a trip to France, and at the end of his life, support Catholic Missions In Canada (CMIC). In his words, it has empowered him. He credits our solid and efficient way of managing our annuity program and answering his questions. He says he just has to pick up a phone to get clear answers and wishes more institutions were like us.
Priests and bishops across Canada make up eleven per cent (11%) of our annuitants. This is a significant number as priests make up less than one per cent (1%) of our population.
These priests and bishops have chosen CMIC’s gift annuities to supplement their retirement income. But just as important to them is that their annuities will help our missionaries at the end of their own lives on earth. With their gift, they will leave a footprint that will keep God’s Word alive in our mission dioceses for generations to come. Consider the benefits that CMIC gift annuities give to supplement your retirement income: secure, tax-free income guaranteed for your lifetime, and…peace of mind.
Here’s an example of how it works.
Father Ed at age 75 reviewed the information we provided, consulted his adviser, and wrote a cheque for $20,000 to Catholic Missions In Canada. Father’s age entitles him to receive a monthly cheque of $88.50. This represents an annual annuity rate of 5.31 per cent. Father received his first payment directly in his bank account one month to the day we received his cheque.
In addition to receiving regular fixed payments which are 100 per cent tax-free for life, Father Ed also received a charitable receipt for $6,085—or over 30 per cent of his investment. This receipt will help reduce income tax he owes on other income.
How does CMIC benefit from this arrangement? CMIC invests Father Ed’s gift of $20,000 in a special annuity fund for his lifetime, expecting not only to have enough to make his monthly payments, but also to have enough left over after he has gone to his eternal life to benefit Catholic missions across our country.
Gift annuities can be obtained by donors over 70 years of age for their own needs, or by the donor for someone else—maybe an adult child, or family member who is a priest. Annuities are available for individuals or jointly for two related persons for a minimum of $10,000 cash or marketable securities.
For your free, no-obligation personalized quote, please fill out the Gift Planning Information Request Form.
You can contact Elvira Foronda, our Charitable Gift Planning Manager at :
Phone: 416-934-3424 ext. 229