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.