Giving retirement assets is one of the easiest, most tax-effective ways to support research and learning at UBC. Many do not realize that, upon passing, the total value of your registered retirement accounts must be reported as income. This income is fully taxable, unless the funds can be rolled over to a surviving spouse or dependent child.
While retirement assets can be a costly gift to distribute, they make ideal donations to charitable organizations such as UBC. By naming The University of British Columbia as a direct beneficiary of your RRSP or RRIF, you will avoid paying probate fees on those assets. This means more of your estate goes to something important to you. A donation to UBC can also offset taxes owed on other retirement assets. You may designate UBC as a 100% beneficiary or a partial beneficiary.
Just as with RRSPs and RRIFs, it is possible to name the university as a beneficiary of your Tax Free Savings Account (TFSA).
A gift is easy to make: simply obtain a beneficiary designation form from your plan’s provider and complete the form with UBC’s legal name (The University of British Columbia) and charitable business number (10816 1779 RR0001).
If you would like to dedicate your gift to a specific faculty, endowment or program on either campus, please make your wishes known in a separate letter. Our staff at UBC Gift & Estate Planning will be pleased to help.
American Retirement Assets
We also can accept gifts from the United States. Please ask us for details about naming the university as the beneficiary of American retirement plans through The American Foundation for The University of British Columbia.
If you prefer to make withdrawals from your RRSP and RRIF plans and donate during your lifetime, we can also help. Given that any withdrawal is considered taxable income, the UBC donation receipt will help offset taxes owing. This is particularly beneficial to those who have accumulated more in their RRSPs or RRIFs than they need and are concerned about their tax exposure.