“Gifts in Kind”

Non-Monetary Gifts

The University of St Michael’s College has been the grateful recipient of a wide range of non-cash gifts. Examples include books, real estate, artwork, special equipment, and other tangible personal property. These may be appropriate gifts to enhance a particular department or collection. Alternatively, the University of St Michael’s College may choose to sell the property and use the cash proceeds.

Generally, when a donor makes a gift of tangible assets (a ‘gift in kind’), an income tax receipt is used for its current market value. One or more independent professional appraisers determine this value.

Gifts of property may trigger capital gains tax upon disposition. However, the charitable tax credit that the donor will receive for this gift will more than offset the taxes owed.

The following types of property involve special consideration when being given in the context of the charitable gift:

Real Estate – primary residence (principal residence), secondary residence (cottage, vacation property, etc.) Certified cultural property Corporate inventory Gifts of service

This information provided is general in nature, does not constitute legal or financial advice, and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek professional legal, estate planning and/or financial advice before deciding upon your course of action.

Charitable Registration Number: BN 11927 9321 RR 000