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RRSP/RRIF

Many people have significant assets in their RRSPs and RRIFs. Naming your spouse as the designated beneficiary of those plans will defer the tax liability. However, on death of the surviving spouse, the full proceeds of the RRSP/RRIF will be taxed as income in the year of death. In this instance, naming the Calgary Public Library Foundation as the beneficiary will offset the tax and will eliminate the probate fees related to the estate plan. Your estate will receive a donation receipt for the full amount of the gift. You will save probate fees and any assets that pass directly to the beneficiary without probate will remain private and confidential unlike those distributed through a will.