Events
Host a fundraising event for SickKids.
Host an event - Tax receipt information for corporate contributions
Corporations can give in the following ways:
Donations and pledges:
If the contributor is a corporation, 100 per cent of the contribution is deductible as a business promotional expense. If the corporation receives no benefits (i.e. advertising in a brochure, logo recognition, tickets, etc.), a tax receipt can be issued at the request of the corporation. The practice of the Foundation is to supply a gift confirmation letter for the value of the donation to act as a proof of payment unless a tax receipt is requested.
Sponsorships:
By virtue of being a sponsor, the corporation is receiving benefits in the form of recognition and advertising. They can be issued a gift confirmation letter that can be used to write off 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 (requires backup to validate the price of the item/s). This letter can be used to write off the donation.
Gift in kind donations:
Businesses can deduct the original cost of the inventory as a business expense and not lose 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.
- Donations of Artwork (More information on Artwork)
- Donations of Wine (More information on Wine)
Donation of services
Tax receipts cannot be issued for services provided, including; personal, professional, or legal services.
Fair market value
Fair market value is "the highest price, expressed in a dollar amount that the property (good) would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are knowledgeable, informed and prudent and who are acting independently of each other".
Fair market value does not include taxes, commission, etc.
If the fair market value cannot be established (e.g., what is the value of meeting a celebrity?), then a tax receipt cannot be issued.
Even if a sponsor has paid to cover costs, or has donated or discounted the price of the entertainment, food, etc, the same rule applies and only the price beyond the fair market value would apply for a tax receipt.
A complete list of all benefits to the participants and their value must be included in your documentation in order for tax receipts to be issued. Your "benefits" list must also include items and services donated or discounted for the event.
An item of benefit exceeding 10 per cent of the total benefit value must be supported by a quote from the supplier. We reserve the right to request documentation on all items.