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Charity as Bene ciary
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The 2000 federal budget changed the rules so that it is now possible to designate a registered charity directly as the bene ciary of your RRSP or RRIF In this case, you ll receive a donation credit in the year of your death that could offset all the tax owing as a result of your RRSP or RRIF
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You ll always manage to avoid tax on your RRSP or RRIF
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could wipe out half of those assets a high price to pay
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assets upon death by naming your spouse as the bene ciary of your plan You may also manage to defer tax on your plan assets by transferring your RRSP or RRIF to a person who is nancially dependent on you at the time of your death Designating a charity as bene ciary could eliminate all tax owing on your RRSP or RRIF upon your death
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Tim s Tip 100: Instruct your executor to make a nal contribution to your RRSP after your death
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The nal tax return for a deceased taxpayer is due six months after the date of death, or April 30 of the year following the year of death, whichever is later If, for example, you died on November 30, 2006, your executor would have until May 30, 2007, to le your nal tax return By the way, your executor may le up to four separate tax returns for you, depending on the type of income you earned in your last year
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Believe it or not, the tax collector won t mind one bit if the executor of your estate makes RRSP contributions on your behalf once you re gone But keep some things in mind here: After your death, no contributions can be made to your own RRSP Rather, contributions will have to be made to a spousal RRSP on your behalf You ll receive the deduction, but your surviving spouse will pay the tax on any withdrawals Your spouse must be under age 69 on December 31 of the year you die in order for a contribution to be made to a spousal RRSP otherwise no contribution can be made You must have RRSP contribution room available at the time of your death to enable your executor to make a spousal RRSP contribution on your behalf Any contribution to a spousal RRSP after your death will provide a deduction on your nal tax return This can help to minimize the taxes that would otherwise arise on your death
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The tax savings that will be passed to your heirs from an RRSP contribution after your death will range from about 25 percent to 46 percent of the contribution, depending on your province and the level of income reported on your nal tax return
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The executor of your estate may be able to make nal RRSP contributions on your behalf after you re gone
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The contributions must be made to a spousal RRSP, within your contribution limits A deduction may be claimed on your nal tax return for these contributions
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Tim s Tip 101: Save your heirs tax by setting up a testamentary trust in your will
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A testamentary trust is a terri c tool for splitting income It works this way: A trust can be created upon your death through instructions in your will All or a portion of your assets would be transferred to the trust upon your death, and your intended heirs would be the bene ciaries of the trust Any investment income earned on the inheritance each year may now be taxed in the trust, rather than in the hands of your beneficiaries You see, the trust is considered to be a separate person for tax purposes and will be taxed at the same graduated tax rates as any individual Rather than adding any investment income directly to the beneficiary s income where it will be taxed at his or her marginal tax rate very likely between 35 and 46 percent simply split income with the trust by having the trust pay tax on the income instead, at graduated rates
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ic died last year and left assets directly to his wife Shirley, now living in Kelowna, BC Ric s assets generate $60,000 annually in investment
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income for Shirley Since Shirley already has income of $60,000 annually from other sources, she now has $120,000 of income to report on her tax return each year The tax bill to Shirley is going to total $36,382 in 2006 Ric could have done things differently He could have set up a testamentary trust for Shirley through his will upon his death, and Shirley would be enjoying the benefits of splitting income with the trust In this case, the trust would now be paying tax on the $60,000 earned on the inheritance each year, while Shirley would continue to pay tax on her other income But the combined total tax bill between Shirley and the trust would be just $28,492 a full $7,890 less than without the trust! By the way, that s $7,890 in tax savings each year
Now that s something worth writing home about!