Gifts of TFSA, RRSP, RRIF

Donating specific assets can be a tax-effective way to support the hospital and community of care in Richmond. Assets available to donate may include Tax Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) and other deferred pension plans.

The total value of your registered retirement accounts will be reported as income by your estate in the year of your passing. This income is fully taxable, unless the funds rollover to a surviving spouse or dependent child. In some cases, these assets may be an ideal way of making a donation and can benefit your estate in three ways:

• By naming Richmond Hospital Foundation as a direct beneficiary of your TFSA, RRSP, RRIF or other deferred pension plan, the proceeds will be paid directly to the Foundation
• Because the proceeds of your TFSA, RRSP, RRIF or pension do not form part of your estate, there are no probate or administration fees
• Capital gains within the donated portion of your registered assets may be exempt
  

The Foundation will issue a charitable donation receipt to your estate for the gift we receive. The resulting tax credit can be used to offset the taxes owed on other assets within your estate.

Step by Step

1. Contact your investment advisor and request a Beneficiary Designation Form
   
2. Complete the form by naming Richmond Hospital Foundation as a beneficiary of all or a portion of the RRSP/RRIF/TFSA and return the document to your plan provider
   
3. Contact Richmond Hospital Foundation and send us a copy of the completed form
   

If a designated beneficiary form is not available, name your estate as the beneficiary of your TFSA, RRSP, RRIF or pension proceeds. Then, in your will, name Richmond Hospital Foundation as the beneficiary of a gift of any amount up to and including the full value of the TFSA, RRSP, RRIF or pension proceeds.

Disclaimer: The above information is general in nature and should not be construed as legal or tax advice. We encourage you to work with your professional financial and legal advisors to make the best decision for your particular circumstances when making a planned gift.

*Please discuss your gift planning with your professional advisor.