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.
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.