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RRSPs, RRIFs & TFSAs

Smiling student

Next to personal real estate, registered retirement funds are the most important investment for Canadians. Many people choose to eliminate deferred taxes by naming charitable organizations as final beneficiaries. 

If you choose to name SFU as a direct beneficiary, contact your RRSP/RRIF/TFSA sponsor (your bank, investment trust, or insurance company) to determine if a change of beneficiary form needs to be completed.  

Three options, three benefits

  • Withdraw extra funds from an RRIF or capital from an RRSP or TFSA and donate the same amount: You'll receive a tax receipt offsetting the income tax payable on the withdrawal.
  • Donate RRIF income for a charitable annuity: You'll secure a future stream of tax favourable income and a tax receipt to offset some, but not all, of the taxes due on the withdrawal.
  • Use the RRIF withdrawal o pay a premium on a charitable life insurance policy that will leverage your payments for a significant future gift to SFU: Name SFU as the owner and beneficiary of the life insurance policy, and you'll receive a tax receipt offsetting the taxes due on your RRIF withdrawals.

 

 

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