if description of donated property is listed
In a May 25, 2016 Tax Court of Canada case (Shahbazi vs. H.M.Q., 2015-5085(IT)I), it was determined that non-cash donations of household items valued at $20,000 in 2006 and $15,000 in 2007 were denied on the basis of inadequate donation receipts. Receipts were provided with assessed amounts, however, they failed to contain a description of the property donated.
In an October 27, 2015 Technical Interpretation (2015-0593921E5, Johnstone, Alex), CRA noted that receipts for donated property are required to include the fair market value of the non-cash gift and not a lesser amount.
Like this article? Click here to become a Monthly Tax Update Newsletter subscriber.
1.877.438.2057 | firstname.lastname@example.org | http://videotax.com