Other Legacy Gifts

In addition to a gift in your Will, there are several other ways you can make a planned gift to the Canadian Red Cross. Other common types of legacy gifts include life insurance, RRSPs, RRIFs and TFSAs.

Donating a life insurance policy allows you to make a significant future gift while enjoying tax benefits today. You can:

• Name the Canadian Red Cross as the beneficiary of an existing or new policy. After your death, a tax receipt will be issued to your estate for the full amount of funds distributed which is not subject to probate.
• Transfer ownership of a paid-up policy to the Canadian Red Cross if you no longer need it. A tax receipt will be issued for the cash value.
• Take out a new policy with the Canadian Red Cross as owner and beneficiary. In this case, you will receive annual tax receipts for the yearly insurance premiums.

Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) can be powerful charitable giving tools. You can name the Canadian Red Cross as a beneficiary of your RRSP/RRIF.

A tax receipt will be issued to your estate for the full amount of funds distributed after your death which are not subject to probate, except in the province of Quebec where probate fees are not charged. This is a tax credit that can be used on your final tax return.

TFSAs offer a tax-efficient way to grow your savings and support causes you care about. You can designate the Canadian Red Cross as a beneficiary of your TFSA.

A tax receipt will be issued to your estate for the full amount of funds distributed after your death which are not subject to probate, except in the province of Quebec where probate fees are not charged. This is a tax credit that can be used on your final tax return.

By considering these other giving vehicles, you can create a meaningful legacy and potentially realize significant tax advantages. We recommend that you speak with a professional advisor to discuss the options that are best suited to your personal situation. When you are ready to proceed, do reach out to a member of our Planned Giving Team who can assist you in completing your gift.