Ways to Give

Gifts of RRSP/RRIF

Donating retirement savings (Registered Retirement Savings Plans and Registered Retirement Income Funds) allows you to make a very meaningful gift to Southlake without compromising your current lifestyle and offers significant tax benefits to your estate.

Once your lifetime needs and the needs of your dependents have been met you may wish to consider naming Southlake as a beneficiary (in-whole or in-part) on registered retirement plan documents. Naming Southlake as beneficiary of your RRSP/RRIF accumulations means that this portion of your estate will not be subject to probate fees and your estate will receive a donation receipt for the full amount of the gift. By contrast, when retirement savings are not donated but rather are left to a beneficiary who is neither a spouse nor a dependent, the value of the RRSP/RRIF will be taxed as ordinary income in the year of death meaning that a substantial portion of the value could be consumed in taxes.

When you name Southlake as beneficiary of your RRSP or RRIF your gift will be invested in Southlake’s Endowment and a percentage of the investment income will be granted to the Hospital annually. Because the principal of your gift will be preserved, your gift will go on supporting the hospital in perpetuity ensuring that your legacy of supporting health care in the community continues.

Benefits of making a gift of RRSP/RRIF accumulations

• You retain the use of your retirement savings investments while you are alive.
• Following your death your estate receives a charitable donation receipt for the full value of your gift which can help to offset all or a significant portion of the total taxes payable by your estate
• When Southlake is named as a direct beneficiary, your gifted RRSP or RRIF accumulations are less susceptible to being contested than a charitable bequest and your estate will not be required to pay probate fees on the amount of the gift.
• Because your gift will be invested in Southlake’s Endowment you will be creating a lasting legacy

How gifts of RRSP/RRIF accumulations benefit Southlake

• Your gifts of RRSP/RRIF accumulations help provide the support the hospital needs to maintain and improve healthcare for those served by Southlake Regional Health Centre now and in the future.

For more information about arranging a future gift of your RRSP/RRIF accumulations please consult with your financial/estate advisor or contact Southlake Foundation at 905-836-7333 or 1-877-457-2036 or foundation@southlakegional.org

   The information provided is general in nature and is not intended to be a substitute for professional legal or financial advice. Southlake Regional Health Centre Foundation encourages donors to seek independent legal and/or financial planning advice.

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