Considerations in Corporate Giving

This article is an edited version of a paper presented at the National Symposium on Charity Law, May 10, 2007, Toronto.  This article addresses certain tax aspects of corporate giving, specifically, the tax aspects of giving that are specific to corporations as opposed to individual donors. Accordingly, it is not an exhaustive review of the tax…

Gifts, Partial Gifts, Split Receipting, and Valuations

Introduction: The Meaning of “Gift” Common Law The meaning of “gift” has important implications under the Income Tax Act (Canada),1 and the term appears in several sections in the Act. In particular, it appears in sections 110.1 and 118.1, which grant a deduction or a credit for the fair market value of a gift made…

Calculating the Value of Volunteer Contributions for Financial Statements

LAURIE MOOK Ontario Institute for Studies in Education, University of Toronto BETTY JANE RICHMOND Faculty of Education, York University, Toronto JACK QUARTER Ontario Institute for Studies in Education, University of Toronto Evidence of Volunteer Contributions In Canada, the National Survey of Giving, Volunteering and Participating for the year 2000 estimated that there were 6.5 million…

Recent Tax Developments

Rumack v. M.N.R., 90 DTC 6271 FCTD Charities that have used “Cash for Life” lotteries as a method of fund raising will be pleased with the recent decision of the Federal Court in Rumack. In that case, Miriam Rumack won $1000 a month for life, guaranteed for 20 years, in a Cash for Life lottery…