Many people are less comfortable donating retirement funds during their lifetime, as they are unsure about how much they need to support themselves throughout life. When they pass away these funds are heavily taxed. In fact, in some cases nearly half of the retirement funds are lost to taxation. Through careful planning, however, most or all of the final income tax on a retirement plan can be eliminated by making a charitable gift of all or a portion of the plan.
You can leave your RRSP or RRIF to Burnaby Hospital Foundation. There are two simple ways.
- Your financial institution will provide you with a Beneficiary Selection Form and you can designate Burnaby Hospital Foundation on the form.
- You can designate your estate as the beneficiary and leave a gift in your Will equal to the value of all or part of your retirement funds.
In both cases, your estate will receive a charitable tax receipt for the value of your donation.