Catholic Mission In Canada

To accomplish your gift, Catholic Missions In Canada can be named beneficiary on your registered retirement plan documents. In this way, the proceeds will flow to Catholic Missions In Canada directly from your investment firm upon your death. A receipt will be issued to your estate and can be applied towards your final income tax return.

Benefits of naming CMIC as a beneficiary of your RRSPs or RRIFs:

It allows you to continue to support our missionaries in the mission parishes across Canada—a cause you have held dear during your lifetime

• It is spiritually rewarding. You will be remembered in the prayers and Masses of our missionaries as you have been during your life

• It is an easy gift to make—relatively hassle-free. Simply contact your RRSP/RRIF investment institution and ask for a “change of beneficiary” form

• It is tax-effective. A tax receipt will be issued to your estate immediately upon receipt of the proceeds. RRSPs/RRIFs become fully taxable as income in the year of death, usually at the highest marginal tax rate. In the year of death and the preceding year, your estate may claim gifts equal to 100 per cent of your net income.

 • You have the use of your retirement savings while you are alive.

• RRSP/RRIF gifts are revocable and can be changed if your financial circumstances change

• Your funds will flow directly tour charity from your RRSP/RRIF investment upon your death and your estate will avoid probate fees.

• You can designate your gift to be used immediately or to establish an endowment in your name for a specific area of need, or your gift can be added to your current endowment.

• Your gift is private, therefore, less likely to be contested.

 To name Catholic Missions In Canada as a beneficiary of all or a percentage of your RRSP or RRIF, contact your investment institution and request a “Change of Beneficiary” form. Please enter our name Catholic Missions In Canada and our charitable number 119220531 RR0001 in the beneficiary designation area.

An alternative way for a creative gift is by using retirement funds and listed securities (shares).

Mr. P., a loyal donor who has recently retired, wants to accomplish three lifetime goals:

1) contribute $20,000 to CMIC;

2) dispose of some appreciated shares that have an uncertain future value; and

3) generate some cash for a personal project. Mr. P. has significant assets in his RRIF. His shares have a fair market value of $20,000 and his cost base is $4,000.  

Here’s what Mr. P. can do:

Step 1) He can donate his shares to CMIC, thereby avoiding tax on the capital gain of $16,000, and his charitable receipt of $20,000 will generate a tax credit of $9,200.

Step 2) He can withdraw$20,000 from his RRIF for his project. His tax credit on his gift of shares will cover the taxes owed on his RRIF withdrawal.

Gift of shares: $20,000

Tax credit: $9,200

Tax on gain: $0

Withdrawal from RRIF: $20,000

Tax on RRIF withdrawal: $9,200

Net tax cost: $0

By completing these steps, Mr. P. accomplishes his three objectives without a tax cost.

To advise us of your gift or for more information on gifts of RRSP/RRIFs or other forms of planned giving, please contact me at 1-866-937-2642, or by email at giftplan@cmic.info.