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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 second spouse dies, the largest tax bill on an estate is often for the remaining balance of an RRSP or RRIF. CRA treats this balance as income in the year of death. In some cases, the money is taxed at over 50 per cent when probate fees are added.
By making a charity a full or partial beneficiary of your RRSP or RRIF, you can effectively cancel some of the tax.
For more information contact Becki Willoughby, Planned Giving Director at (416) 785-2500 ext. 3895 or email: email@example.com
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