• Rod Wilmore

    Rod, a retired consulting engineer and long-time Fraser Institute supporter, has travelled to many developing countries, which has given him a real appreciation of the Fraser Institute’s work on many key issues. As a result, Rod decided to leave a legacy of freedom and prosperity by naming the Fraser Institute Foundation as the beneficiary of several of his registered investment accounts.

    Unfortunately, the financial institutions holding Rod’s plans would not allow him to do this, claiming that a charity could not be the beneficiary of an RRSP or a RRIF. The institutions were incorrect. The Income Tax Act has no such restriction on registered retirement plan beneficiary designations. It took some consultation and negotiation, but in the end, Rod was delighted to be able to fulfill his wish of supporting the Fraser Institute with the legacy gift of his choice.

    By designating a charity as the recipient of your retirement savings plan, you provide a future gift while protecting your present financial security. Your estate receives a donation receipt that can be applied against tax on your final income tax return.