You can make a future gift of a registered retirement savings plan (RRSP) or income fund (RRIF) without sacrificing your retirement lifestyle or income. Naming the Islands Trust Conservancy board as a beneficary of your RRSP/RRIF is one of the easiest deterred gifts you can make. Simply visit the institution holding your RRSP and change the beneficiary to the Islands Trust Conservancy board. After your lifetime, the unspent value of your plan is transferred to projects that permanently protect island landscapes.
Retirement plans are one of the most heavily taxed assets in your estate. The remaining value of your RRSP upon your death is taxed as ordinary income in the year of death. Using your retirement assets to make a donation after your lifetime often enables you to give more to your loved ones. Your estate receives a tax receipt for up to 100% of your taxable income for the year of your final tax return, with any unused amount applied to the previous year's tax return. By naming the Islands Trust Conservancy board as a beneficiary of your RRSP, you may trigger a tax refund to your estate.
Please remember the Islands Trust Conservancy when designating your RRSP/RRIF beneficiaries. A gift of your retirement assets could be the conservation legacy you never thought possible.
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We recommend anyone contemplating a planned gift talk with an independent financial advisor. If your advisor is not familiar with an option we describe here, we would be happy to provide additional information to them.
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Have you already included the Islands Trust Conservancy in your estate plans? Please let us know