{"id":24005,"date":"2017-01-19T13:00:43","date_gmt":"2017-01-19T18:00:43","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=24005"},"modified":"2019-10-15T10:10:49","modified_gmt":"2019-10-15T14:10:49","slug":"cra-releases-folio-on-split-receipting-and-deemed-fair-market-value","status":"publish","type":"post","link":"https:\/\/cccc.org\/news_blogs\/legal\/2017\/01\/19\/cra-releases-folio-on-split-receipting-and-deemed-fair-market-value\/","title":{"rendered":"CRA Releases Folio on Split Receipting and Deemed Fair Market Value"},"content":{"rendered":"<p><em>Authored by Philip Milley, Associate Director of Legal Affairs<\/em><\/p>\n<p>The Canada Revenue Agency (&#8220;CRA&#8221;) recently released a folio on <a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/tchncl\/ncmtx\/fls\/s7\/f1\/s7-f1-c1-eng.html\">Split-receipting and Deemed Fair Market Value<\/a>.\u00a0This folio provides CRA&#8217;s technical interpretation of <span class=\"nowrap\">subsections 248(30)<\/span> <span class=\"nowrap\">to (41)\u00a0<\/span>of the <em>Income Tax Act<\/em>. CRA has a <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/charities-giving\/charities\/operating-a-registered-charity\/issuing-receipts\/split-receipting.html\">less technical discussion<\/a> of the split receipting rules that was most recently updated May 2018<span class=\"nowrap\">.\u00a0<\/span><\/p>\n<p>Income tax folios were introduced in 2013 and provide CRA&#8217;s technical interpretation of provisions of the <em>Income Tax Act. <\/em>Folios\u00a0replace\u00a0various income tax interpretation bulletins and\u00a0are intended for use by\u00a0tax professionals and those who have an interest in tax law. Folios reflect CRA&#8217;s interpretation of the\u00a0<em>Income Tax Act\u00a0<\/em>and are not a substitute for the law.<\/p>\n<p>This new folio consolidates and cancels two CRA publications: Interpretation Bulletin IT-110R3, <em>Gifts and Official Donation Receipts<\/em> and<em> Income Tax Technical News No. 26<\/em> (ITTN 26). The update to the folio improves readability, lists noteworthy substantive technical and interpretative changes to the <em>Act<\/em>\u00a0and <em>Regulations<\/em>. Notable changes\u00a0include new more relevant examples of split-receipting and newly drafted guidelines on how to determine:<\/p>\n<ul>\n<li>whether there is a gift<\/li>\n<li>the amount of the advantage<\/li>\n<li>the eligible amount in fundraising situations.<\/li>\n<\/ul>\n<p>The Folio also identifies a proposed legislative change to the eligible capital property rules,\u00a0that are pending legislation implementing the 2016 federal budget.<\/p>\n<h1><\/h1>\n","protected":false},"excerpt":{"rendered":"<p>Authored by Philip Milley, Associate Director of Legal Affairs The Canada Revenue Agency (&#8220;CRA&#8221;) recently released a folio on Split-receipting and Deemed Fair Market Value.\u00a0This folio provides CRA&#8217;s technical interpretation of subsections 248(30) to (41)\u00a0of the Income Tax Act. CRA has a less technical discussion of the split receipting rules&#8230; <a href=\"https:\/\/cccc.org\/news_blogs\/legal\/2017\/01\/19\/cra-releases-folio-on-split-receipting-and-deemed-fair-market-value\/\" class=\"linkbutton\">More<\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ts_fic_featured_image_caption":"","footnotes":""},"categories":[137],"tags":[],"series":[],"class_list":["post-24005","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/24005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/comments?post=24005"}],"version-history":[{"count":0,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/24005\/revisions"}],"wp:attachment":[{"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/media?parent=24005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/categories?post=24005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/tags?post=24005"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/cccc.org\/news_blogs\/wp-json\/wp\/v2\/series?post=24005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}