Retirement Funds (RRSPs or RRIFs)
Making a gift of your retirement plan savings – RRSPs (Registered Retirement Savings Plans) or RRIFs (Registered Retirement Income Funds) – can reduce the taxes on your estate and protect its value for your heirs. If you have named Mount Saint Vincent University as the beneficiary of your RRSP or RRIF, your estate will receive a tax credit. It is recommended that you also include the Mount as the beneficiary of your RRSP or RRIF in your will.
- Donor retains income generated from property.
- An immediate tax receipt is issued for present value of remainder interest.
- RRSPs and RRIFs fall outside your estate and are not subject to probate tax.
- Simplicity (a gift can be created by naming Mount Saint Vincent University as a beneficiary or alternate beneficiaty on the RRSP or RRIF document
The information provided is general in nature and is not intended to be a substitute for professional legal or financial advice. We recommend you consult with your financial, accounting, or legal advisors before making a gift to confirm the tax implications of such as gift.
For questions and more information, please contact Anne Thibodeau, Manager, Philanthropy, at 902-457-6270 or firstname.lastname@example.org