Planning for a bright future
The University of Toronto can be named as a direct beneficiary of Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs).
Plan for a bright future with your RRSPs and RRIFs – and plan for the future of the University by naming U of T as a beneficiary.
Benefits of planned gifts of RRSPs and RRIFs
- Remaining funds in most RRSPs/ RRIFs become fully taxable as income in the year of death, usually at the highest tax rate. Naming the University as the direct beneficiary of such plans generates a charitable tax receipt which will offset this tax.
- These types of gifts provide privacy as they are not part of your will, and there is no cost in creating them.
- The balance of your retirement fund flows outside your estate, therefore it is not included in probate.
Please note that RRSP and RRIF assets cannot be transferred directly to a registered charity during your lifetime and be eligible for a charitable tax receipt. However, if you find that you do not need the required annual withdrawal from your RRIF, consider donating this amount to U of T to offset your taxes.
When arranging a gift of RRSPs and RIFFs to U of T, please use the legal name “The Governing Council of the University of Toronto” in the beneficiary designation clause of your RRSPs and RRIFs. Our BIN number is 108162330RR0001.
The King's College Circle Heritage Society recognizes alumni and friends who have remembered the University through a provision in a will or other form of planned gift.
If you have left a gift in your will, please let us know.