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•As a result, amendments have
been made to the Income Tax Act and
Regulations by the 2011 Budget
•Budget legislation has passed
Second Reading in Senate and was referred to Standing
Senate Committee on National Finance on
November 24, 2011
•Once enacted, the following
rules shall apply to the return of gifts on or after March 22,
2011
–An information return (in
essence a letter) must be filed not later than 90 days after the
return of a gift where:
§The gift
has a fair market value greater than $50;
§A
qualified donee previously issued a receipt to a corporation
or an individual in relation to the
gift; and
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