By designating the Dalhousie Medical Research Foundation as beneficiary of your RRSP or RRIF, you can continue to enjoy the benefits of these plans during your lifetime. Upon your death the balance is transferred to the Foundation. While this amount will be included as taxable income on your final tax return, the charitable tax receipt life insuissued will offset the tax.
At age 71, RRSPs must be collapsed or transferred to an annuity or RRIF. For those who have other adequate sources of retirement income this is an opportunity to make a gift of some or all of the plan principal. Again, the income tax triggered by the disposition of the plan will be offset by the charitable tax receipt.
We would be pleased to discuss the advantages and details of giving through such plans with you and your advisor.