A Tax Effective Way of Supporting Indigenous Youth
By designating Indspire as the beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) on your registered retirement documents, your estate will receive a tax receipt for the full donation amount. A tax receipt for the value of the investment gifted will be issued to your estate and applied toward the final income tax return. Gifts of RRSPs and RRIFs also avoid probate fees.
Benefits to You
- Tax Efficient – Your estate may claim gifts in the year of death equal to 100% of your net income in that year and the preceding year. RRSPs/RRIFs become fully taxable as income in the year of death, usually at the highest marginal tax rate, unless remaining funds in the account can be rolled over to a surviving spouse or dependent child.
- You Are In Control – You have full use of the retirement saving investment while you are alive, and the gift can be revoked at any time if your financial situation changes.
Please Seek Expert Advice
Indspire strongly recommends that you seek professional advice to ensure your financial goals are considered, your tax situation reviewed, and that your planned gift is tailored to your circumstances. Indspire recommends that you consult your lawyer or financial planner regarding the donation of RRSPs or RRIFs or other type of planned gifts to Indspire.
For more info, please contact:
Kate Espina
Director, Major Gifts
kespina@indspire.ca | 1-855-INDSPIRE (463-7747) x0262
