RRSPs & RRIFs

When you name the NIC Foundation as the beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF), you can enjoy your savings and retirement plan income, and then gift the balance of your retirement plan after you have gone.

RRSPs and RRIFs are an easy and affordable way to make a sizeable gift at the end of your lifetime to help students and education through North Island College. If you have named your spouse as a beneficiary, you could name the NIC Foundation as a secondary beneficiary, which would only come into effect should your spouse predecease you. If you don't have a spouse or dependent child, you might choose to name the NIC Foundation as the primary beneficiary.

Benefits to You

• Gifting an RRSP/RRIF gives you the satisfaction of creating a future gift while maintaining your own financial security during your lifetime.
• When you name the NIC Foundation as a beneficiary, your estate will receive a charitable tax receipt that can significantly offset the amount owing on your final tax return.
• Should your situation change, you have the ability to modify or reverse your gift at any time.

To name the NIC Foundation as a beneficiary of your retirement fund, contact your RRSP/RRIF sponsor (your bank, investment, trust, or insurance company) to determine if a change of beneficiary form needs to be completed.

Our website information is intended as a general overview only and not as legal or tax advice. Please consult with a qualified professional advisor to determine the best strategy for your situation.