Directing funds to an RRSP is a tax effective way to increase net worth during your lifetime. But it’s a different story when someone passes away without a surviving spouse or dependent child.

When a single person or surviving spouse dies, the largest tax bill on an estate is often the remaining balance of an RRSP or RRIF. CRA treats this balance as income in the year of death.

By making a charity a full or partial beneficiary of your RRSP or RRIF, you can effectively cancel some of the tax.
Benefits to you for naming Baycrest as the beneficiary:

  • You will retain the use of the investment for the duration of your lifetime.
  • It is easy to arrange.  Simply speak with an agent at your financial institution.
  • No out-of-pocket cost factors.
  • It is a tax effective way of supporting Baycrest.  Your estate may claim gifts in the year of death equal to 100% of your net income in that year and the preceding year. 
How it works…
  1. You can name Baycrest Centre Foundation as the direct beneficiary of an RRSP or RRIF.  Upon your death, the proceeds will be paid directly to Baycrest Centre Foundation.
  2. You can name your estate as the beneficiary of your RRSP or RRIF and leave instructions in your Will to donate all or part of your RRSP or RRIF to Baycrest Centre Foundation.  You may specify a percentage or a specific dollar amount to be donated.  The donation qualifies for the charitable bequest donation tax credit for up to 100% of the income in the year of death and in the preceding year.

For more information contact Becki Willoughby, Planned Giving Director at (416) 785-2500 ext. 3895 or email:

This is general information only and is intended for reference purposes. 
You should consult with an experienced estate planner or professional advisor
to help you make decisions that suit your financial and estate objectives.