A gift-in-kind is defined by Canada Revenue Agency (CRA) as a gift of tangible property. This type of property can include works of art, books, real estate, equipment, collections — virtually any physical object in your possession.
If the gift is accepted by the University, the donor transfers ownership to the University of Waterloo, in writing. A statement of fair market value of the gift (at the time of donation) is established by a qualified appraiser, and the donor receives a donation receipt for income tax purposes.
Depending on your overall financial situation, gifts-in-kind can provide a significant tax benefit.
For more information, contact Meghan Whitfield