Believing that God has entrusted us with resources,
so we may give generously and joyfully,
we encourage individuals to consider a variety of ways to give.

     Ways of Giving
     Charitable Bequests
     A Child called Charity
     Revocable Deposit Agreement
     Appreciated Securities
     Donor Advised Funds
     Life Insurance
       Gifts of Registered Funds (RRSP/RRIF)
     Charitable Gift Annuities
     Charitable Remainder Trusts


Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are important parts of retirement savings. But did you know they can also be powerful donation tools?

There are two ways you can use your RRSP or RRIF to support your favorite charities: 1) During your lifetime, and 2) Via a beneficiary designation or by your will.

  1. Lifetime RRSP/RRIF gift: Normal lifetime withdrawals from RRSPs or RRIFs can be subject to withholding tax. Withholding tax reduces the funds you would available to donate and in may result in a tax credit that does not offset your tax liability. However, there are ways to receive permission from the CRA to eliminate withholding taxes. This way you can donate 100% of the proceeds and your tax credit will offset 100% of your tax liability.
  2. Beneficiary Designation or by Will: Many people need their RRSPs/RRIFs during their lifetime, but are able to donate them after their death instead. Income taxes are owed by the estate, plus, there could be three potential unwanted outcomes: funds are subject to creditors, become subject to probate fees, and gifts in the will could be contested by the person's heirs. This can be avoided by naming charity as a beneficiary of your RRSP or RRIF at your financial institution OR making a beneficiary declaration in your will declaring charity as a beneficiary.

This process is very specialized, so please ask CSS for information on how this might work for you!

Click Here for CSS Information Bulletin


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