2 different ways to give to charity

Can I make a one time charitable contribution that will grow tax free and/or pay dividends to the charity? You sure can.

 You can pay as little as $10,000 once this year and give the policy to a charity. You'll get the tax deduction for this year and the charity gets access to dividends if you set it up that way or they can have the cash value grow tax free over time. Naturally, the amount they will get is based on your age since you're the one setting it up. Like all things in insurance, the sooner you set it up, the less expensive it will be.

$10,000 is too much money for me right now. Also I don't have insurance for myself, a house, or kids but I do want to save for the future.

 Permanent life insurance can be a great way to build wealth in a tax-free space. After TFSA, it's the best thing a young person can do for themselves, sometimes for as little as $100 per month. The policy grows tax free and you can access the cash value either by withdrawing it or borrowing against the cash value. It has the added benefit of being mortgage insurance, buy sell insurance for business partnerships or a way to give to charity in the future.