Since February 2000, the Canadian government has implemented a simple and effective way for individuals to donate the proceeds of their RRSPs and RRIFs to a charity like Project Ploughshares.
To do this you simply contact the financial institution managing your retirement plan and sign a declaration naming Project Ploughshares as the beneficiary of the plan. You can support multiple beneficiaries, including family members, other significant loved ones and charities such as Project Ploughshares.
You can choose to name Project Ploughshares as the primary beneficiary, or as a secondary beneficiary in the event that your spouse or other primary recipient should pass on before you. It is not necessary to amend your will in order to take advantage of this option, and designating a charitable beneficiary does not affect your own use of the retirement funds in any way.
Upon your death (or your spouse’s if your spouse is the primary beneficiary) the any funds remaining in your retirement account will go directly to Project Ploughshares and your estate (or your spouse’s estate) will receive a charitable donation tax receipt for the full amount of the gift. Because such gifts are directly designated, they are not part of the estate and therefore not subject to probate fees.
Your financial advisor can determine how a gift of RRSPs/RRIFs will fit in your long-term financial plans.
If you would like someone from Project Ploughshares to contact you to discuss these matters in more detail, please contact us.
Thank you for your commitment to a more peaceful world.