Planned and Legacy Giving
You can designate Aga Khan Foundation Canada (AKFC) as the sole beneficiary of a registered savings plan, such as RRSP, RRIF, or TFSA. Alternatively, you can direct a percentage of the plan to AKFC if you wish to name multiple beneficiaries.
You can support AKFC by naming AKFC as the beneficiary of a registered retirement savings plan (RRSP), a registered retirement income fund (RRIF), or a tax-free savings account (TFSA). This can be an excellent way to fully utilize your retirement assets and fulfil your charitable intentions.
Young girls engage in a gadget creation session organized by the Aga Khan Youth and Sports Board in Chitral Town, Pakistan. This workshop not only nurtures their creativity but also equips them with essential life skills, preparing them to navigate challenges. Credit: Daniah Shah / AKFC
The benefits of naming AKFC as the beneficiary of your RRSPs, RRIFs, or TFSA
- Generally, if you do not designate your spouse or a qualifying dependent as the beneficiary of your RRSP, RRIF or TFSA, the remaining funds in these accounts are included in your income upon your passing. However, if you name AKFC as the beneficiary of your RRSP, RRIF, or TFSA, your estate will receive a charitable tax receipt for a portion of these assets. This can help reduce the income taxes payable by your estate.
- You maintain ownership and control of your RRSP, RRIF, or TFSA during your lifetime.
- You can continue to access and benefit from the savings in your RRSP, RRIF, or TFSA for as long as you need to.
- You can make a revocable designation which allows you to change your beneficiary designation, if necessary, as long as you have the capacity to do so.
How to designate AKFC as a beneficiary
Contact your financial advisor or RRSP, RRIF, or TFSA plan administrator and update your beneficiary designations to include AKFC. You can name AKFC as the sole beneficiary of your RRSP, RRIF, or TFSA, or you can designate AKFC to receive a portion of your RRSP, RRIF, or TFSA.
Other considerations
Any decision you make with respect to giving a gift to AKFC in your will as part of your planned and legacy giving should be made in consultation with your financial advisor, tax advisor, and legal advisor.
Donors should also take the necessary steps to ensure that they have made adequate provision for their family, heirs, and other individuals requiring support after their demise. In this way, the gift will reflect responsible stewardship of family resources as well as charitable service to society.
We would welcome the opportunity to work with you, your family and your advisors if you wish to support AKFC through a gift in your will. We encourage you to engage in a discussion with us prior to finalizing your gift, to ensure that it is a gift that AKFC can accept as a Canadian charitable organization. From time to time, AKFC may have to decline gifts that are made without prior consultation.
