Peace Arch Hospital Foundation Projects: Give a Gift of RRSPs or RRIFs

Give a Gift of RRSPs or RRIFs

Create a legacy by designating the Foundation as the beneficiary of part or all of what’s left of your registered funds (RRSPs, RRIFs).

At death, all assets in an RRSP or RRIF if not designated to a beneficiary will be taxed as income on your final tax return. By designating the Foundation as your beneficiary your estate will receive a charitable tax receipt for the value of the gift to offset income tax payable and will also save probate fees.

By naming the Foundation as the beneficiary of your tax-free savings account, you will save probate fees on the amount of the account and receive a tax receipt for the value of the gift.

How to Make your Gift

The most common way to gift your registered funds or tax-free savings account to the Foundation is by designating the Foundation as the beneficiary. Upon your death, the funds on account will be paid out directly to the Foundation and will not attract probate fees.

Additionally, your estate will be eligible for a charitable tax receipt for the value of the gift, which can be used to offset up to 100% of your net income on your terminal tax return. Additionally, the unused tax credit may be carried back to reduce taxes paid in the year prior to death.

  1. Consult your financial advisor or financial institution to determine how much and which funds should be gifted for optimal tax benefits and impact.

  2. Consult your lawyer to understand how this gift may impact your overall estate planning objectives.

  3. Contact your plan provider/financial institution to obtain a Change in Beneficiary form and name the Foundation as the beneficiary of part or all the registered funds and/or TFSA. Return the completed form to your plan provider.

  4. Provide a copy of the completed form to Peace Arch Hospital Foundation. Forms can be sent by email to Selina Lai or mailed to:

    Amy O’Leary
    Director, Philanthropy 
    Peace Arch Hospital Foundation
    15521 Russell Avenue
    White Rock, BC V4B 2R4

  5. Call us at 604.535.4520 ext. 753184 or email Selina Lai to let us know to expect your donation.

Related Video

Estate Planning - RRSPs & RRIFs with Dave Lee VIDEO

Estate Planning - RRSPs & RRIFs with Dave Lee
"For several years now I've been donating shares, including common stocks and mutual funds, and it's a breeze. And best of all, there are no calculations required. It gives me great pleasure to donate to my hospital, with the knowledge that I am contributing to the care and welfare of others in a meaningful way."
Dr. Barbara Olson

Resources for Professional Advisors

If you’re a professional advisor, we want to help you help your clients. We understand the critical work professional advisors like you make to ensure your clients are equipped with the knowledge, understanding and trust in their wealth and estate management teams, and we want to arm you with the tools you need to double your impact! 

Connecting with clients about their charitable aspirations through the philanthropic conversation deepens the relationship and builds the foundations of life-long collaboration, helping clients achieve their philanthropic and financial goals. Together with your clients, you can help them make a gift that can significantly reduce the tax burden, while making a meaningful contribution to the future of health care at Peace Arch Hospital and the White Rock/South Surrey community for years to come.

Visit our Information for Professional Advisors page for more information, downloads, event opportunities, and more!

BACK TO LEAVE A GIFT IN MY WILL
Back to Ways to Give