Retirement Benefits

Help to Secure Western's Vision for Tomorrow

While your estate remains responsible for satisfying the income tax liabilities arising on your death (which will be offset by a tax credit described below), the proceeds may flow directly to Western, potentially protecting the gift from the claims of creditors, other estate beneficiaries, probate and other estate costs.

Advantages of Giving Life Insurance

• Allows you to make a substantial gift in the future without diminishing your assets today. In other words, it costs nothing now, yet it may give you a great deal of satisfaction to know that your gift will live on.
• Your estate will receive a valuable tax credit for your final tax return. The credit can be applied to up to 100 per cent of your net income in the year of death and the preceding year. This credit can save your estate a considerable amount of tax particularly if you have large holdings of appreciated listed securities and mutual funds. Working with your financial advisors, we can help you maximize the tax benefits from your gift planning.
• As is the case with a gift through your will, you have the flexibility to change the beneficiary at any ime, as circumstances dictate.
• If the proceeds from your retirement funds are $25,000 or more, you may create a named, endowed fund that will support Western forever.

Tax Benefits

Naming a charitable organization, such as Western, as beneficiary of your retirement plans would result in a charitable donation tax credit that would offset taxes owed and, since the funds would not pass through your estate, they would not be subject to probate and other estate costs.

Designate Western as beneficiary on my RRSP or RRIF

Make a request at your financial institution to change the beneficiary on your plan. They will provide you with a form to complete and the change is then made. A visit to your lawyer is not required, although we do suggest that you consult with your lawyer and/or other professional financial advisors prior to making any changes to your estate plans.

Create Your Legacy

To ensure that your particular needs are met and that your wishes are honoured, you should consult your life insurance agent and any other pertinent advisors. You should also contact Gift Planning Office to let us know about your intentions. Not only can we assist you in making sure things move along smoothly, we also need to discuss how you would like the eventual proceeds from your insurance policy put to use. It is also important for us to know whether you wish to be recognized for your contribution or prefer to remain anonymous.

If you have made arrangements to make a planned gift to Western, we request that you send us a completed Statement of Intent (8K PDF) form so that we may ensure proper administration of your gift.