Giving retirement assets is one of the easiest, most tax-effective ways to support us. Many do not realize that, upon passing, the total value of your registered retirement accounts must be reported as income. This income is fully taxable, unless the funds can be rolled over to a surviving spouse or dependent child.
By naming Broadmead Care Society as a direct beneficiary of your RRSP, RRIF, or TFSA (Tax Free Savings Account), you will avoid paying probate fees on those assets. This means more of your estate goes to something important to you. A donation can also offset taxes owed on other retirement assets.
Consult your professional advisor to determine if this is a good option for you.
