Concordia Foundation is committed to following all rules and regulations regarding tax receipts set out by the Canada Revenue Agency (CRA). This is imperative to protecting our charitable status.
The Foundation can provide tax receipts only if…
- The tax receipt is being issued to the person who made the donation OR where the person issuing the cumulative cheque to the Foundation has acted as a donation collector, has provided along with that cheque necessary information see #3.
- The eligible amount of the donation is $15.00 or greater.
- A complete and legible list of donors is provided. Tax receipts will not be issued until all information has been submitted.
The following information needs to be completed:
o first and last name
o full address, including city and postal code
o telephone number
o amount given
Please note: A business acknowledgement letter can be provided to sponsors or other corporate contributors as proof of payment. Most companies prefer to claim contributions as business expenses as there is a greater tax advantage for a business expense than a charitable donation.
Purchase of a ticket or entrance fee to an event (gala, show, sporting event or auction):
The person is receiving something in return for the donation, thus a tax receipt is based on the benefit received based on the Fair Market Value. The difference between the ticket price and the benefit should be a minimum 20% of the ticket price or $20 whichever is higher
For example: Gala Dinner ticket $175.00 includes dinner,wine and entertainment which is valued at $100.00 the amount eligible for a tax receipt is $75.00.
a. If the contributor is a corporation, 100 per cent of the contribution may be deductible as a business promotional expense.
b. The practice of the Foundation is to issue a letter confirming the value and date of the donation upon payment.
c. If the corporation receives no benefits (i.e. advertising in a brochure, logo recognition, tickets, etc.) and all other requirements are met, a tax receipt may be issued at the request of the corporation.
- Sponsorship: By virtue of being a sponsor, the corporation is receiving benefits in the form of recognition and advertising. A business confirmation letter will be issued which will support their contribution as a business expense.
- Businesses donating inventory: The Foundation can provide the donor with a gift-in-kind letter stating the value of the gift. We require backup to validate the value of the item(s).
- Gift-in-kind donations: Businesses can deduct the original cost of the inventory as a business expense and not loose the tax benefit associated with the transfer of property. The Foundation will issue a gift-in-kind letter that can be used to verify the write off of the inventory.
- Tax receipts cannot be issued for services provided including: personal, professional, or legal services.
For any additional questions regarding tax receipts for events, please contact our Development Coordinator at 204-661-7326
Download full event tax receipting guidelines (PDF)