Gifts of TFSA, RRSP, RRIF

Designating your Tax Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), or other registered retirement accounts as a charitable gift is a simple and effective way to directly benefit patients and families receiving health care in Richmond.

Naming Richmond Hospital Foundation as a beneficiary can help minimize taxable income and offer meaningful benefits to both your legacy and your estate:

• Direct Impact: The full proceeds are donated directly to Richmond Hospital Foundation, to help enhance health care for families in the community.
• No Probate Fees: Because these assets bypass your estate, they are not subject to probate or administration fees.
• Tax Efficiency: Your estate will receive a charitable tax receipt for the value of the gift, which can help offset taxes owed on other assets.
• Capital Gains Relief: In some cases, capital gains within the donated portion may be exempt from taxation.

This type of legacy gift ensures your values live on through increased access and improved patient care for patients and their families in Richmond.

Please consult your professional advisor to explore how this giving option fits within your overall estate plan.

Note: In Quebec you can only name a charity as a beneficiary of your RRSP through your will.

If your registered retirement account is managed by a financial advisor, please contact them.