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planned giving and trust ser vices
Grandma Plans Ahead
Grandma decided to see her lawyer to make a new will. She loved her children and
grandchildren and planned to leave them her home and whatever was in her savings
accounts at death. She also loved her church and would include it in her will.
Earlier that month, Grandma had attended a seminar presented by the Conference
Planned Giving director. There she learned that if you donate your RRSPs or
RRIFs 1 to a registered charity, there would be no tax, or almost no tax to pay. 2
You could donate all, or part, of your RRSPs or RRIFs while you were living, or
at your death through a bequest in your will. Grandma decided to leave to her
church the registered plan money that remained when she died. Her lawyer pointed
out that it is necessary to list her church as a beneficiary in her registered plan
documents as well as in her will.
Grandma told her family about her church gift. She explained that if she had
$50,000 in registered plan money at her passing, her church would issue a tax
receipt to her estate for that amount. The charitable donation receipt of $50,000
would give approximately $25,000 in tax credits, offsetting the $25,000 income
tax payable on the registered plan funds. Grandma was excited to have found a
very smart way to donate to her church, while also saving $25,000 in taxes. This
was only one of several Canada Revenue Agency tax savings Grandma heard
about at the seminar. n
RRSP: Registered Retirement Savings Plan; RRIF: Registered Retirement Income Fund
This is a general illustration. Always get professional financial and tax advice for your situation.
Becky What are you thankful for?
AT THE MONTREAL-FILIPINO SEVENTH-DAY
ADVENTIST CHURCH IN QUEBEC.
Judy Fe Ganal: I thank God for His great love toward all humanity, for His love and
care for my family and friends, and I thank God for His mercy and blessings.
Noemi Galiza Stojanovic: I thank God that He created and redeemed me, and
that I am able to witness for Him. I am thankful for the faith in Jesus, for the
Seventh-day Adventist family, and for my family and friends.
Luz P. Mabborang: I thank God for the hope of eternal life, for every minute and
second that I have the breath of life, and I am thankful for everything that He has
given me and my family.
M J u ne 2 013