Gifts of Retirement Funds
GPRC can be named as the beneficiary on registered retirement plan documents (RRSPs, RRIFs). A tax receipt for the value of the investment gifted will be issued to your estate (this may be all or part of the assets in the plan) and applied towards the final income tax return.
The benefits of making a gift of RRSPs or RRIFs: You have use of your retirement saving investment during your lifetime. RRSPs and RRIFs are a tax effective way of supporting GPRC. Your estate may claim gifts in year of death equal to 100 per cent of your net income in that year and the preceding year. (RRSPs and RRIFs become fully taxable as income in the year of death, usually at the highest marginal tax rate, unless any remaining funds can be rolled over to a surviving spouse or dependent child.)
- RRSP and RRIF gifts are revocable and can be changed if necessary.
This information is general in nature, does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek legal, estate planning and/or financial advice before deciding upon your course of action. If you are considering a planned gift, we recommend that you do so in consultation with your financial planner and/or legal counsel.
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