Summary Policy

Date
June 9, 2003

Reference Number
CSP - C13

Key Words
Consideration - Gift - Receipt

To qualify as a gift for purposes of the Income Tax Act, there must be a voluntary transfer of property, with a clearly ascertainable value, to a qualified donee. Any advantage (i.e., consideration) received or obtained by the donor in respect of the transfer must be clearly identified and its value ascertainable, and there must be a clear intent to enrich the qualified donee.

• Gift, CSP - G01.
• Receipt, CSP - R02.
• Expenses Incurred by Volunteers, CPC - 025.
• Third-Party Fundraisers, CPC - 026.
• Income Tax Technical News, Issue 26.
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 248(30), (31) and (32).