An alternative to a bequest through a will, is to consider making Alberta Wilderness Association a beneficiary of all or a portion of RRSP or RRIF on your death.
All RRSP and RRIF plans have provisions under which the owner can designate a beneficiary in the event of the owner’s death. If you name Alberta Wilderness Association as a beneficiary of all or a portion of the funds in the plan on death, a tax receipt for the value of the gift on death will be issued to your estate and the tax credit will be included in the computation of the estate’s income tax liability.
On death, the value of all funds in an RRSP or RRIF plan is fully taxable in the estate, unless the plan is transferred to a spouse. However, if the beneficiary is a registered charity, like Alberta Wilderness Association, this significant tax liability will, in most cases, be fully offset by a tax credit arising from the gift.
You can make this gift outside of your will by naming Alberta Wilderness Association as a beneficiary of your RRSP or RRIF plan. Simply download the beneficiary designation form from the financial institution that manages your funds. Complete the form and file it with the financial institution. It is simple, flexible and confidential, and there should be no cost.