Donating Retirement Funds
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.
You can request our helpful resource brochure, Making a Lasting Impact with Your Retirement Funds, by visiting our request page here.