Summary Policy

Date
September 3, 2003

Reference Number
CSP - W02

Key Words
Will - Bequest

Policy Statement

A gift by will is made when an individual makes a bequest under a last will and testament. Under the Income Tax Act, an individual that makes a gift by will to a qualified donee is deemed to have made a gift immediately before the individual died.

References

• Bequest, CSP - B04.
• Direct Designation, CSP - D09.
• Disbursement Quota, CSP - D14.
• Qualified Donee, CSP - Q01.
• Will, CIL-2000-017, CIL-2001-012.
• Gifts and Income Tax, P113.
• Completing the Registered Charity Information Return, T4033A.
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 118.1(5).