GIFTS of RRSPs or RRIFs
Our proper legal name for making a gift is THE CANADIAN MEDICAL HALL OF FAME
Charitable Registration #14003 6914 RR0001
Gifts made through Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are a popular way to offset taxes owing on the funds at the time of death. When it comes to transferring your wealth to the next generation, retirement funds are among your most heavily taxed assets.
- By naming a registered charity as a beneficiary of your registered plans, you will retain ownership and use of the fund during your lifetime.
- Funds are taxed when they are withdrawn from the fund. Unless there is a surviving spouse (or certain qualifying dependants) at the time of death, the remaining funds are taxable to your estate. By naming the Canadian Medical Hall of Fame (CMHF) as a beneficiary of your RRSP or RRIF, your estate will not have to pay income tax on the balance of the plan.
- Your estate receives a charitable donation receipt for the full amount of the donation, which can reduce, or possibly eliminate, the taxes payable by your estate.
- Unlike a bequest, a gift of a registered retirement plan cannot be contested.
- Registered retirement plans are creditor proof and are not subject to probate fees.
How it works
- Contact your plan provider to request a Change in Beneficiary Form and name the Canadian Medical Hall of Fame as beneficiary of all or a portion of the RRSP or RRIF. You can still provide for your family by naming more than one beneficiary.
- Return the completed document to your provider.
- At the time of your death, CMHF will receive the proceeds from your plan.
- The value of your plan will be reported as income on your final income tax return. CMHF will issue a charitable donation receipt for the full amount of the plan proceeds, which will serve to offset the income.
Please Note: The information provided is general in nature and should not be considered as professional legal/financial planning advice. With all planned gifts, before making final decisions discuss your gift intentions with your family and seek independent professional advice to ensure your financial and philanthropic goals are considered, your tax situation reviewed and your planned gift is tailored to your personal circumstances.