Your retirement funds, Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Fund (RRIFs), are the most heavily taxed funds that you own. At your passing your estate might have to pay up to almost 50% of these funds in taxes. However, when you choose to make your legacy gift to the Toronto Public Library Foundation by designating it the beneficiary of your RRSP/RRIF, these taxes are offset at the time of death. Your gift will be treated as a charitable donation in the year of death and you will receive a tax receipt for the full value of your gift.
Simply name the Toronto Public Library Foundation as a direct beneficiary of your RRSP/RRIF by changing the beneficiary on the appropriate documents and let the institution holding your retirement account know about the change.
For more information, please contact:
Liza Fernandes, Associate Director Community and Legacy Gifts
789 Yonge Street, Toronto, ON M4W 2G8
Ph: (416) 397-5924; Fx: (416)397-5999;