You may name Wellspring as a direct beneficiary of your Registered Retirement Savings Plans (RRSPs) or your Registered Retirement Income Fund (RRIF). Gifts of RRSPs/RRIFs help provide Wellspring with the necessary support to maintain and enhance outstanding supportive care to cancer patients and their families.
RRSPs/RRIFs are among the most highly-taxed assets in your Estate. If the beneficiary of your retirement funds is someone other than your spouse or dependent child, the proceeds of the RRSP/RRIF will be taxed as ordinary income in your estate. However, if you name Wellspring as the beneficiary, the total amount of the RRSP/RRIF will be given directly to Wellspring and your estate will receive a charitable tax receipt for the total gifted amount.
Benefits of Naming Wellspring as Beneficiary of Retirement Funds
- Naming Wellspring as beneficiary of RRSPs/RRIFs is a tax-effective means of supporting Wellspring and preserves the capital in these plans to ensure that 100% of the money is received by Wellspring.
- You have full and complete use of your retirement savings while you are alive.
- RRSPs/RRIFs gifts are revocable and can be changed if your financial circumstances change.
- You can designate your gift to a specific Wellspring initiative or program that meets your interest.
Establishing a Gift of Retirement Funds
- If you have already named a beneficiary of your RRSP/RRIF but would like to include or change the beneficiary to Wellspring, simply call your financial advisor or financial institution and ask to change the beneficiary designation.
- Please use Wellspring’s full registered name "Wellspring Cancer Support Foundation" in your beneficiary designation clause. Wellspring’s charitable registration number is 89272 8940 RR0001.
Please contact Julie Cookson at Julie@Wellspring.ca
or 416-961-1928 for more information.