It’s easy to donate the proceeds of your Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) or Tax Free Savings Account (TFSA) to The United Church of Canada Foundation. You simply change the beneficiary information on the plan document and advise the institution holding your retirement account of the change.
You have probably designated a loved one as the beneficiary of your RRSP, RRIF or TFSA. Once you are confident that your family is well provided for, you can make The United Church of Canada Foundation a contingent beneficiary of your plan. The proceeds of your plan will only flow to the Foundation following the death of your primary beneficiary.
When you designate a charity as a direct beneficiary of registered plans or a TFSA, the charity issues a tax receipt for the full amount being transferred. You can name multiple beneficiaries, including your family and charities.
This deferred donation is one of the most advantageous because, when plan assets are directly designated they are not included in your estate and are not subject to probate fees. Your estate (or your spouse’s estate) will receive a tax credit.
For more information, or to let Foundation staff know that you have added the Foundation as a beneficiary of your RRSP, RRIF or TFSA call us at (toll free) 866-340-8223 or email us.