Gift of RRSP/RRIF
Charitable donations made through RRSPs & RRIFs at death offset the tax owing. Since 2000, gifts made by naming Compassion as a direct beneficiary of your RRIF will generate a tax receipt which your estate can use with your terminal return.
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How Does It Work?
- Simply designate Compassion as the beneficiary of your RRSP/RRIF. If you have a spouse, we recommend naming Compassion as the secondary beneficiary, since all registered funds can be transferred to a spouse without triggering taxation.
- Leave instructions in your will to donate all or part of the proceeds. You can phrase your instructions so that the bequest is made only if your spouse predeceases you and you have no dependent children.
Advantages:
- Gifting your RRSP/RRIF at death can help you fulfill your philanthropic desires without affecting your present financial situation.
- Many have contributed to RRSP’s to save for retirement and defer tax. However, tax is payable when it is withdrawn, and the whole amount is taxable at death. Gifting a portion or all of an RRSP/RRIF can eliminate the tax payable. Proceeds flow directly to Compassion instead of your estate where they are not subject to income tax and probate fees.
Contact Us:
Before you make any gift, you must seek independent, qualified advice from your accountant, lawyer, or financial planner.
For more information contact:
June Dryer,
Gift Planning Specialist
Compassion Canada 985 Adelaide St. S,
London Ontario, N6E 4A3
1-800-563-5437
pg@compassion.ca