You can contribute books, real estate, art work, equipment or other tangible personal property to Victoria University. These may be appropriate gifts to enhance the university’s resources and culture. Alternatively, the university may choose to sell the property and use the cash proceeds.
When you make a gift-in-kind to Victoria University:
- A tax receipt for the fair market value on the day the gift is made will be issued. The value is determined by one or more independent professional appraisers.
- Gifts of property may trigger capital gains tax, but the charitable tax credit for the gift will offset the gain. Charitable donations up to 75% of your net income can be claimed, as well as 25% of the taxable capital gain resulting from a gift of appreciated capital property.
- A 5-year carry forward on unused donation amounts is permitted.
Certified Cultural Property
For qualified gifts of Certified Cultural Property (e.g. rare books, significant works of art), Victoria University's Pratt Library is a designated institution and thus these gifts/donations would not be subject to capital gains tax. Please note that a gift of professional services or items from the inventory of a company does not qualify under the Income Tax Act (Canada) for a tax receipt.
If you would like more information about making a gift-in-kind to Victoria University, please contact:
Executive Director, Alumni Affairs & Advancement
73 Queen's Park Crescent, Toronto, Ontario
416-585-4501 or 1-888-262-9775
This information is general in nature and 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 on your course of action.