Gifts of Retirement Plans

You may name Citadel Foundation as a direct beneficiary of your registered retirement Savings plans (RRSP) or registered Retirement Savings Income Fund. (RRIF)

If the beneficiary of your RRSP is someone other than your spouse, common law partner, a financially dependent child, or grandchild, the proceeds of the RRSP will be taxed as ordinary income in your estate . However, if you name Citadel Foundation the total amount of the RRSP(or designated portion) will be given directly to Citadel Foundation and will not be subject to probate. Your estate will receive a charitable tax receipt for the total amount that has been gifted through your RRSP.

Thus by using your RRSP or RRIF to make a bequest to Citadel Foundation, you can maximize the value of your estate.