If you don’t have a surviving spouse at the time of your death, all the money invested in these funds must be declared as income—and all applicable taxes will come from your estate.
But by making Michael Garron Hospital Foundation a direct or partial beneficiary, you can offset these taxes, make a meaningful gift, and at the same time protect your assets for loved ones.
How it works:
Simply name Michael Garron Hospital Foundation as a direct or partial beneficiary of your registered plans. You’ll retain ownership of the fund during your lifetime and your estate will receive a tax receipt for the value of the plan—helping offset any other taxes your estate may have to pay.
Ready to get started?
It’s easy. Just name Michael Garron Hospital Foundation as a direct or partial beneficiary on the plan document. Then, let the institution that holds your retirement account know that you’ve made the change.
Already included us as a beneficiary of your RRSP or RRIF? Please let us know.
Resources:
Giving gifts of RRSPs and RRIFs
Legal Information: For CRA purposes, we file under Toronto East Health Network Foundation, and indicate that we operate as Michael Garron Hospital Foundation, bearing registration number 119259448 RR0001