Gifts-in-Kind

Donate Tangible Property to Support Indspire

A “gift in kind” is property other than cash that you may wish to transfer to Indspire. The word “property” is highlighted because gifts of services may not be acknowledged with official receipts for income tax purposes.

When you make a gift other than cash, Indspire must obtain an appraisal from a qualified person to determine the gift’s fair market value (FMV). Once the value has been obtained, Indspire may provide you with an official charitable receipt. That receipt must show (in addition to the information on regular receipts)

  • A description of the property
  • The exact date on which the gift was made
  • The name and address of the appraiser(s)

In situations where the property that is being given was acquired within the last three years, you must indicate to Indspire what the cost of the property was for tax purposes. The receipt will then be issued for that tax cost. Even if you acquired the non-cash gift more than three years before the date of the gift, you may still be restricted to claiming a tax credit with respect to the receipt that is the tax cost of the property. That will be the case if it can reasonably be determined that you intended to make a gift of the non-cash property at the time you acquired it. There are specific exceptions to the rules in the previous paragraph as follows:

  • Gifts made by bequest
  • Gifts out of inventory of a business
  • Gifts of land and buildings located in Canada
  • Gifts of certified cultural property
  • Gifts (other than to a private foundation) of publicly traded securities and certain other investments
  • Gifts of ecological property

Please Seek Expert Advice: Indspire strongly recommends that you seek professional advice to ensure your financial goals are considered, your tax situation reviewed, and that your planned gift is tailored to your circumstances. We recommend that you consult your lawyer, financial or estate planner regarding the donation of gifts-in-kind or other type of planned gifts to Indspire.

For more info, please contact us:
Cindy Ball, CFRE
Vice President of Development
cball@indspire.ca | 1.855.INDSPIRE (463.7747) X245