You can reduce or even eliminate tax liabilities on your retirement plan by naming Carleton as a direct beneficiary. The entire amount of RRSPs and RRIFs will be taxed if you leave them to your heirs. Instead, consider giving them less tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift at Carleton.
Benefits:
- Eliminate potential estate tax on retirement assets.
- Eliminate income tax on retirement assets funded on a pre-tax basis.
- Receive potential savings on estate taxation from a donation tax credit.
To name Carleton as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed. Quebec residents will be required to designate RRSP and RRIF plan donations in their wills.
Please contact the Personal and Planned Giving Team at plannedgiving@carleton.ca or 613-520-3636 if you have any questions.