While cash donations are always welcome, many charities are also happy to accept gifts in kind. However, unlike cashing a cheque, it’s not always clear what the value of a gift in kind actually is, which makes filling out a charitable tax receipt that much harder. Adam Aptowitzer, a lawyer with the Ottawa-based law firm Drache LLP, explains who is responsible for determining the fair market value of such gifts, how that assessment is carried out, and the risks involved if charities aren’t diligent about the process.
Determining the value of charitable gifts (MP3)
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Run time: 11:12 minutes
External Resources:
Canada Revenue Agency – Donation Appraisals
