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Retirement Funds

A specific or residual bequest is where, as a statement in your will, you leave a cash donation, securities, real estate or other property such as a work of art to Ongiara (College or Foundation). This bequest may be identified as a specific amount or asset, as a percentage of your estate, or as the residual sum after all debts, taxes, expenses and other bequests have been paid.  A contingent bequest takes effect only upon the occurrence of some other event(s). For example, you could choose to make Ongiara the contingent beneficiary in the event that an individual named in your will is not alive at the time of your death.

Whatever form your bequest takes, it may be designated for unrestricted use or restricted (specific) use by Ongiara (College or Foundation).  A bequest to Ongiara is very easy to put in place, can be modified at any time, and allows you to retain full use of the gifted property during your lifetime. In addition, the charitable receipt Ongiara issues to your estate may result in a tax credit on your terminal income tax return (Canada), and significantly reduce estate taxes for your heirs (US).

(a) Canada RRSPs/RRIFs:

If you are not survived by a spouse, retirement funds can make an excellent gift to Ongiara College. Heritage Fellows enrolled in an RRSP, and those who have already converted their RRSP to a RRIF, can gift all or a portion of any funds remaining at death, under the terms of your will or by direct designation. Your estate will receive a charitable tax receipt: the resulting tax credit will normally offset the tax due as a result of the distribution. 

(b) US IRA/401K:

Leaving retirement funds to Ongiara Foundation ensures that the assets are removed from your taxable estate, your heirs avoid taxation and Ongiara receives all remaining benefits; tax savings (unless funds would be left to a spouse) can reach up to 80% of the value of the benefit.