Summary Policy

Date
September 3, 2003 (Revised September 13, 2005)

Reference Number
CSP - B04

Key Words
Bequest - Enduring property - Will

Policy Statement

A bequest is an amount that a registered charity receives from the will of a deceased person. Under the Income Tax Act, a bequest is a gift of enduring property. Bequests are generally excluded from a charity's disbursement quota. However, bequests must be included in calculating the disbursement quota in the year in which they are spent or transferred to a qualified donee.

References

• Disbursement Quota, CSP - D14
• Enduring Property, CSP-E10
• Receipt, CSP - R02
• Will, CSP - W02
• Capital Gains and Disbursement Quota Worksheet, T1259
• Completing the Registered Charity Information Return, T4033B
• Registered Charity Information Return, T3010B
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 149.1(1)