Gifts in Kind
An option which has benefited several of our parishes throughout the history of the Diocese is the Gift in Kind. Many of our churches were built on donated land and/or with donated material.
A gift in kind must be a donation of actual property, not of personal services. The charitable tax credit is normally based on the donated property’s fair market value. While the Canada Revenue Agency (CRA) generally will accept the charity’s valuation of donated property worth less than $1,000, it’s best to get an independent appraisal for more valuable items, as the CRA may look closely at the valuations on gifted property.
The CRA has particular rules for donating certified Canadian cultural property and ecologically or environmentally sensitive land. Such gifts may be eligible for a tax credit of up to 100 per cent of your net income in the year of the gift, and are exempt from capital gains tax.
Prior to making a donation or gift, we recommend that donors seek independent professional advice concerning the possible financial, taxation and legal consequences.