Gift-of-RRSPS-or-RRIFS

Gift of RRSPs or RRIFs

Retirement funds are among your most heavily taxed assets on transfer to the next generation.

If you don’t have a surviving spouse at the time of your death, all the money invested in these funds must be declared as income—and all applicable taxes will come from your estate.

But by making the Hellenic Heritage Foundation a direct or partial beneficiary, you can offset these taxes, make a meaningful gift, and at the same time protect your assets for loved ones.

HOW IT WORKS

Simply name Hellenic Heritage Foundation as a direct or partial beneficiary of your registered plans. You’ll retain ownership of the fund during your lifetime and your estate will receive a tax receipt for the value of the plan—helping offset any other taxes your estate may have to pay. 

RESOURCES

Donating your retirement assets to the Hellenic Heritage Foundation can be a tax-smart and effective solution that will have a significant and enduring impact on the Foundation’s operations and activities for years to come.

If you have an RRSP or RRIF, you may not be aware that these retirement accounts are among your most heavily taxed assets. If you die without a surviving spouse, they will become fully taxable as income. By donating a portion or all of your RRSP or RRIF to the Hellenic Heritage Foundation, you can reduce the taxes payable by your estate, as well as leave behind a meaningful legacy.

HOW IT WORKS

During your lifetime you’ll retain ownership and use of the fund. When you die, a charitable tax receipt will be issued to your estate for the value of the investment donated at the date of death, and applied toward the final income tax return.

And you can ensure your needs - and those of your loved ones - are met by naming more than one beneficiary. 

WHY IT MAKES SENSE:

  • You have full use of your retirement savings investment while you’re alive, and you can revoke the gift at any time if your financial situation changes.
  • Taxes on your retirement fund are offset by the tax receipt issued by the Hellenic Heritage Foundation for the full amount transferred at the date of death.
  • It’s an easy and low-cost alternative to leaving a bequest gift in your will.
  • Unlike a will, your gift cannot be contested, and is not a matter of public record.

NEXT STEPS:

  1. Start by talking to your lawyer and/or financial planner to discuss what giving option works best for your goals and needs.
  2. Then contact your plan provider and request a change of beneficiary form.
  3. Name Hellenic Heritage Foundation as the direct beneficiary of all or a portion of your RRSP or RRIF, and return the form to your plan provider.
  4. Once you’ve made your gift, please let us know so that we can show our appreciation.

Legal Information:

For CRA purposes, we file under Hellenic Heritage Fund, and indicate that we operate as Hellenic Heritage Foundation, bearing registration number 887769297 RR 0001