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Retirement Funds

The federal government has made it easy to make a meaningful gift beyond your lifetime with your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF).

Contributing the proceeds of a retirement fund to the University of Ontario Institute of Technology (UOIT) allows you an opportunity to make a significant investment in education, receive a donation receipt for the full value of the proceeds and know the resulting tax credits will offset taxes otherwise payable by your estate.

BENEFITS OF RETIREMENTS FUND GIFTS

All of the remaining funds in most retirement funds (RRSPs/RRIFs) will be fully taxed in the year of death, often at the highest tax rate. Designating the university as the beneficiary of such plans creates an official donation receipt that will offset taxes owed.

RRSPs and RRIFs can be gifted outside of your will by designating them to the university. Therefore they are not part of your will and your probate fees will be reduced.
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