Saving for your Future and the Future of our Catholic Family
Most Canadians use RRSPs and RRIFs to save for retirement and be able to live financially independently for as long as possible. The good news is that though some of us do outlive our savings many of us will not. If you are thinking about how you can make a lasting difference for the future of our Catholic family of faith, you might want to think about desginating all or a portion of what is left in your registered retirement fund to your Archdiocese or parish.
This type of gift involves sharing what is left over after your passing rather than sharing from what you might need during your life time.
The way to arrange such a gift is to contact the financial institution or advisor where your fund is held and request a document that allows you to change the direct beneficiary on your fund account. This way, there is no need for the gift to pass through your estate and therefore no need to change your will.
From a tax perspective, the donation receipt for the amount received by the Archdiocese will fully offset the income taxes owed by the estate on the registered fund at the time of your passing.
A great option here is to disucss with the Archdiocese the idea of leaving what is left over in your retirement account to be used to grow the Priest's Pension Fund. In many cases, priests are unable to save for their own retirement as their income as active pastors is quite a bit lower than what most people earn during their working lives. Sharing what might be left over from your retirement savings means that our priests can enjoy a retirement lived in dignity. It's a wonderful sign of gratitude for the many years that they have served us.
To learn more, please contact Barry Wood at 306 352-1651 x 218 or by email at bwood [at] archregina.sk.ca