•Split
receipting rules proposed in 2002
•Although draft amendments to the ITA have not yet been
passed, the amendments are treated by CRA as being
administratively in effect
•Proposed ITA changes create a new concept of “gift” for
tax purposes - permits a donor to receive a benefit, provided
that the value of the property donated exceeds the benefit received
by the donor
•(b) Basic mechanics
of split-receipting rules
•Charitable
donation receipts must reflect the following:
• Eligible amount of gift = FMV less
advantage
•Must have a voluntary transfer of property of “ascertainable
value”