•“Deemed
fair market value” rules
–Result of the government’s attempt to curtail abusive
tax shelter donation schemes involving gifts in kind
–Do not apply to inventory, real property or an immovable
situated in Canada, certified cultural property, publicly traded
shares and ecological gifts
–FMV of donated property will be deemed to be the lesser
of
§FMV of the property
§Cost (or the adjusted cost base) of
the property to the tax-payer immediately before the
gift is made
•