RRSPs & RRIFs
RRSPs & RRIFs
Donating your Registered Retirement Savings Plans (RRSPs) or Registered Retired Income Funds (RRIFs) is a simple, flexible way to give to Luther College while enjoying tax benefits
Benefits
- Flexible and revocable – You have full use of your retirement saving investment while you’re alive plus the gift can be revoked at any time if your financial situation changes.
- Reduced taxes – Your retirement fund taxes are offset by the tax receipt issued by Luther for the full amount being transferred.
- Leave a lasting legacy – Your gift will be directed towards Luther’s greatest need or you can designate your fund to a particular program.
How it works
There are several ways to give a gift of life insurance:
- Simply include “Luther College Regina” in the beneficiary information of the plan document and then advise the institution holding your retirement account of the change.
- By nominating multiple beneficiaries you can still ensure loved ones are cared for while providing a donation to Luther.
- A tax receipt for the value of the investment gifted will be issued to your estate and applied toward the final income tax return.
We strongly recommend you consult your own lawyer or other professional advisor about the applicability to your situation.