How to make an impact with your RRSP

A couple smiling together outside

Many people want to support a cause they care about by leaving a gift in their estate, but aren’t sure how much they can afford to give. It’s hard to predict what our future income needs will be, and of course we all want to ensure that loved ones will be taken care of first.

Good news! If you have an RRSP – you can do both and it’s easy. RRSPs, which are converted to a RRIF (Registered Retirement Income Fund) or annuity at age 71, are great tools for saving for retirement and the simplest way to make a lasting impact on a cause that reflects your values.

Four benefits of using a RRSP/RRIF to make a charitable gift:

1. You don’t have to change your will

Just contact the provider of your RRSP/RRIF and ask for a change in beneficiary form. You get to name the people and charities that you wish to receive the remainder of your account after you pass away, and you decide what percentage each is to receive.

2. You are in control

You retain full control of the RRSP/RRIF account and access to all of the funds for your lifetime use. You can change your mind about the beneficiary designations at any time, just complete a new form.

3. No probate delays

After your death, funds are paid directly to your named beneficiaries – avoiding delays and in most cases, any probate fees. Almost all wills go through the probate process to confirm a will is legally valid. It can be timely and there are additional fees.

4. Tax Savings

Naming a charity as a beneficiary of your RRSP/RRIF can result in significant tax savings on your final tax return, which could mean leaving a larger estate to your loved ones. This is an excellent way to reduce taxes on your estate. However, Tax planning can be complicated, so if making a current or future charitable gift is part of your tax-reduction strategy, please consult your financial advisor.

Advancing health care for the next generation

UHN has a rich history of discovery that has saved – and continues to save – countless lives in Canada and around the globe. UHN’s team of world-class clinicians and researchers are driven every day to transform care for the better.

Donor support is absolutely critical to this life-saving work. Generous donors are helping UHN’s world-renowned experts to unlock new treatments and cures for major health issues affecting Canadians, like arthritis, diabetes, Alzheimer’s disease, heart failure and more.

A gift of any size can make a difference and help achieve extraordinary things in health care. For decades, gifts in wills to UHN have played an important role in medical breakthroughs. These gifts ensure a safety net of funding for UHN’s future needs – from purchasing the latest state-of-the-art equipment to fuelling the next major discovery that will save lives.

Your final tax return is often when you will pay the most tax – but with some advance planning, you can reduce your taxes, support a favourite charity and potentially leave a larger estate to your loved ones.

For more information, visit or contact us at 416-603-5300 or [email protected].

This site uses cookies to provide you with a great user experience. By continuing on our site, you accept use of cookies. For more information, please visit our privacy policy.


Facebook Twitter LinkedIn Instagram YouTube