Registered Savings - RRSPs, RRIFs, LIRAs and LIFs

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Making a gift to the Nature Trust of New Brunswick through your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Locked in Retirement Account (LIRA) or Life Income Fund (LIF) is a great way for you to leave a legacy while taking advantage of some great tax benefits.

The Canada Revenue Agency has a ruling that allows a person to donate 100% of their income to charity in the year of death. The money from your registered savings goes into your estate as taxable income. In order to eliminate the taxes that will be owed on this income you can make a donation to the Nature Trust that equals the total amount of your registered savings. Your estate will receive a charitable tax receipt for the amount given, which will then be used to eliminate the taxes owed by your estate on the income from your registered savings.

This type of gift is easy to arrange. Simply contact your lawyer and request that they make the Nature Trust of New Brunswick, Inc. the beneficiary of your registered savings.

If you have family that you still wish to provide for, you can replace all or part of the donated amount from your registered plan with a life insurance policy. This option provides your heirs with tax free money, plus a write-off of the full amount of your registered savings plan to the estate, which leaves no taxes owed from your registered savings.

Please contact the Nature Trust of New Brunswick office for more information on donating your RRSP, RRIF, LIRA or LIF.

Photo Credits:
1 – Field Milkwort, Don Vail