Gift of Property
You can choose to give property instead of or in addition to monetary gifts.
Fair Market Value: Charitable tax receipts can be given for established fair market value at the time of the transfer of the property. An independent evaluation may be required to determine fair market value.
Examples of Property You Could Donate:
- Real Estate – Houses, cottages, commercial buildings
- Personal Property – Jewelry, antiques, art, vehicles, collections
- Principal Residence – A charitable tax receipt is given for the fair market value which offset other taxes on your Estate. There is no tax levied on the principal residence itself.
- Cottage or Other Real Estate – Revenue Canada levies tax on the capital gain of all other real estate assets. A charitable tax receipt can help to offset the tax on the gain as well as other taxes in your Estate.
Not currently accepted: Gifts of foreign real estate
The Royal Canadian Legion recommends that you consult a financial and/or legal advisor before making these important decisions.