Gifts of RRSPs and RRIFs
Psalm 34:10 “But those who seek the Lord lack no good thing.”
By naming the Bishop Budka Eparchial Stewardship Society Inc. (BBESSI) as the beneficiary in your registered retirement plan documents, you can enjoy the savings from your RRSP and RRIF during your lifetime, tax-protect your estate, and create a legacy for the Church.
Please use the legal name “Bishop Budka Eparchial Stewardship Society Inc. (BBESSI), Saskatoon, Saskatchewan” in your RRSP/RRIF beneficiary designation clause. The Charitable Number of the Foundation, which is required, is 119039477 RR 0001. A tax receipt for the value of your gift invested will be issued to your estate (all or a portion of the assets in you plan) and applied towards your final income tax return.
Gifts of RRSPs and RRIFs are beneficial because:
- RRSP/RRIF gifts are tax-effective means of supporting the Eparchy;
- Your estate may claim gifts in the year of death equal to 100% of your net income in
that year and the preceding year;
- You have use of the retirement savings investment while you are alive;
- You can designate your gift to a eparchial need that meets your interests, such as
youth ministry, priest pension fund, lay formation or other intentions;
- RRSP/RRIF gifts are revocable and can be changed if your financial circumstances change;
- You can avoid probate.
Please note: Under current Canadian tax law, RRSPs/RRIFs cannot be transferred directly to a registered charity during one’s lifetime to be eligible for a charitable tax receipt. While you may choose to withdraw funds from your retirement savings to make a gift, such course of action is not recommended since the tax owned upon disposition would likely devour most, if not all, of the tax credit produced by the gift.
If you would like more information about naming the Bishop Budka Eparchial Stewardship Society Inc. (BBESSI), as your RRSP or RRIF beneficiary, please contact the BBESSI office at 306-653-0138 ext. 223 or by e-mail at firstname.lastname@example.org.
This information is general in nature and does not constitute legal or financial advice, and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek professional legal, estate planning and/or financial advice before deciding on your course of action.