Donating RRSP / RRIF
As part of your estate planning, you could consider designating a charity as the full or partial beneficiary of a registered account. Registered accounts include: Registered Retirement Saving Plan (RRSP) and Registered Retirement Income Fund (RRIF).
You maintain full use of your registered account during your life, and any balances that remain on your passing would transfer to the designated beneficiaries.
Benefits of Donating a Registered Account
- Payments from a registered account to a designated beneficiary generally pass outside of your estate, which can reduce probate fees.
- The payments are made directly to the designated beneficiaries and are not exposed to any claims on your estate by creditors.
- Donation receipts are issued for the amounts received by Abundance Canada, which can be used to offset taxes owing by you or your estate.
Donors should consult with their tax advisors to determine the tax implications for their personal situation.
For more information review our information sheet on a Gift of Registered Account.