GIFT OF REGISTERED ACCOUNT
Benefits of a Registered Account
- Payments from a Registered Account to a designated beneficiary generally pass outside of a will, which can reduce probate fees.
- Donation receipts are issued for the amount designated to charity, which can be used to offset taxes owing by the deceased or their estate.
It should be noted that RRSP or RRIF payments to a beneficiary would generally be added to the taxable income of the deceased in the year of passing. Any amount paid to a beneficiary from a TFSA would not be taxable income. Donors should consult with their tax advisors to determine the tax consequences for their personal situation.
Abundance Canada is a public foundation registered with the Canada Revenue Agency (CRA). Abundance Canada is authorized to receive charitable donations, issue official donation receipts and distribute funds to registered charities in Canada through a donor-advised model we administer.
Charity Registration No: 12925-3308-RR0001.