Retirement funds can be one of the best ways to grow wealth during your lifetime. However, being one of your most heavily taxed assets, these funds are not an advantageous route to transferring wealth to the next generation.
Gifts of RRSPs and RRIFs are a tax-smart and effective method of transforming these assets into community support. In Ontario, assets transferred to a designated beneficiary will pass outside of the estate and therefore are not included as assets of the estate. By naming the OCH Foundation as a beneficiary of registered plans, donors receive a tax receipt for the value of the plan, avoid probate fees by removing these assets from their estate and reduce their estate taxes.
Benefits to donor
- Satisfaction of providing a future gift while retaining ownership and use of the fund during your lifetime.
- Receipt of a charitable tax receipt for your estate.
- Opportunity to offsetting estate taxes and reduce probate fees.
- Ability to donate and simultaneously providing for your family by naming more than one beneficiary.
How to Give RRIF/RRSP Contributions
The gift is easy to make. Simply request a change in beneficiary form from your plan provider and name OCH Foundation as the beneficiary of all or a portion of the RRSP or RRIF, and return the document to your plan provider. Please contact us to learn more.