Summary Policy
Date
September 3, 2003
Reference Number
CSP - D07
Key Words
Deemed disposition
Policy Statement
Under the Income Tax Act, where a taxpayer (i.e., an individual or corporation) disposes of property by way of a gift to a qualified donee, the taxpayer is deemed to have received proceeds of disposition equal to the fair market value of the property at the time of the gift.
References
- Disposition of Property, CSP - P19.
- Donor, CSP - D17.
- Fair Market Value, CSP - F02.
- Gift (donation), CSP - G01.
- Property, CSP - P05.
- Qualified Donee, CSP - Q01.
- Gifts and Income Tax, P113.
- Gifts of Capital Properties to Charity and Others, IT-288.
- Registered Charities and the Income Tax Act, RC4108.
- Income Tax Act, R.S.C. 1985 (5th supp.) c. 1, subpara. 69(1)(b)(ii).
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