It is an agreement or contract between you and the Comox Valley Project Watershed Society. Upon death, the Comox Valley Project Watershed Society would receive the remainder of the original contribution. Depending on the time elapsed the Comox Valley Project Watershed Society may get more or less than the original contribution. If an annuity is started when you are between the ages of 75-90 you can receive tax-free income. If an annuity is started when you are between the ages of 65-74 you can receive partially tax-free income. Where the income is totally tax-free, you will receive a donation receipt equalling the initial amount of your contribution minus your expected annuity income.