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 are not survived by a spouse and you have no dependent children or have already made arrangements for your dependent children, leftover retirement funds can make an excellent charitable gift because the resulting tax credit will help offset the taxes otherwise payable on the transfer or distribution. It is recommended that you also consider including the Mount as a 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
- Gift is not subject to probate
- 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 beneficiary 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. Please consult with your financial, accounting or legal advisors before making a gift to confirm the tax implications of such a gift.
For questions and more information, please contact Anne Thibodeau, Manager, Philanthropy, at 902-457-6270 or firstname.lastname@example.org