Donating your retirement funds can be a smart way to support the health and well-being of your community while reducing taxes on your estate.
Did you know that RRSPs and RRIF retirement accounts are among your most heavily taxed assets? By donating all or a portion of them to Michael Garron Hospital Foundation, you can lessen the tax burden on your estate and leave a meaningful legacy.
Advantages
- You have full use of your retirement savings investment while you’re alive and you can revoke the gift at any time if your financial situation changes.
- Your estate will receive a tax receipt issued by Michael Garron Hospital Foundation for the full amount transferred at the date of death, helping to offset income taxes your estate may have to pay. (and also probate fees if the gift is a direct designation in your RRSP)
- Naming Michael Garron Hospital Foundation as a full beneficiary removes this asset from your estate, reducing the value of your estate that needs to be assessed through probate.
- It’s an easy and low-cost alternative to leaving a gift in your will.
Ready to get started?
- Talk to your lawyer and/or financial planner to discuss what giving option works best for your goals and needs.
- Then contact your plan provider and request a change of beneficiary form.
- Name Michael Garron Hospital Foundation as the direct beneficiary of either all or a portion of your RRSP or RRIF and return the form to your plan provider.
- Consider including an outline of your RRIF/RRSP beneficiaries in your will.
- Once you’ve made your gift, please let us know so that we can show our appreciation.
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