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Our Take on the Budget 2021 Consultation Report

Our Take on the Budget 2021 Consultation Report

Sep 3, 2020 | BC Non-Profit Network, Blog, Government Relations

Our Take on the Budget 2021 Consultation Report

Culture: People First
All Blogs

by Vantage Point | Sep 3, 2020

Earlier this summer, we shared with you our second written submission to the Select Standing Committee on Finance and Government Services (the Committee) for the provincial budget 2021 consultation, which took place this year between June 1st to 26th. The consultation process started with the Minister of Finance’s consultation paper, which outlined the provincial government’s COVID-19 action plan and three guiding priorities: 1) health and safety, 2) immediate supports for individuals, and 3) business and economic recovery.

The Committee released the Report on the Budget 2021 Consultation on August 21st with 124 recommendations (full list found on page 106 to 119).

How to read the report

Before diving into the details, keep in mind that $1.5 billion of the $5 billion COVID-19 action plan has been earmarked for economic recovery but remains unallocated. While the COVID-19 pandemic’s impacts are unquestioned and underscored throughout the report, the Minister informed the Committee that many of the government’s priorities remain the same (see page 7 “Minister of Finance Briefing”):

  • K to 12 education
  • Childcare
  • Advanced education and skills training
  • Infrastructure (ex. roads, hospitals, schools)

Therefore, it is no surprise that these themes are represented throughout the report. Further, it is worth taking a moment to celebrate that this year’s consultation process had the highest participation level in nearly 10 years! The Committee heard and received 281 presentations, 1362 submissions, and 3624 survey responses.

The recommendations span over 12 themes, each making up a section in the report. Each theme/section has its own sub-sections that include impact of COVID-19, survey highlights (if any), detailed discussions, and the Committee’s recommendations for each theme.

Highlights

In Vantage Point’s submission, our three recommendations emphasized the opportunity for budget 2021 to be an investment in public wellbeing through funding and partnership with the not-for-profit sector.

Reconciliation, equity, diversity, and inclusion

The Committee made the explicit call to action for the upcoming budget to “address inequities and make significant progress on reconciliation, diversity and inclusion, and accessibility” in all areas. Further, the Committee recommends “ensuring ministries adopt a diversity and inclusion lens and recognize systemic barriers to address the disproportionate impacts of the pandemic, and providing programs and supports for equity-seeking groups who face systemic barriers” (see the executive summary on page 2).

Similar points about the importance of gender equity, truth, reconciliation, and decolonization were incorporated throughout Vantage Point’s submission. The not-for-profit and charitable sector is comprised of organizations working to advance similar goals every day and the Committee’s recommendations validate the importance of the work made possible by our sector.

Digital connectivity

The necessity of internet access, reflected in Vantage Point’s recommendations, is another clear theme in this report. The report recognizes inequities related to digital infrastructure and “recommends accelerating investments…including addressing challenges related to affordability” and references this is an area requiring collaboration with the federal government and telecommunication companies.

Multi-year stabilization funds

While the report does not make an explicit recommendation for a not-for-profit sector stabilization fund (Vantage Point recommended a $500 million stabilization fund for the sector), it does suggest a need for urgent recovery funding and multi-year stabilization supports to several sectors.

To note, “non-profit” or “not-for-profit” is mentioned 19 times in total throughout the report. It has its own sub-section under the “Health” theme, and an entire recommendation based on it:

  • Recommendation 65: Provide urgent and stable funding to the charitable and non-profit sector so that they can continue to provide services to British Columbians, including exploring the provision of incentives to donate such as a donation-matching program, and increasing the charitable donation tax credit.

It is not only a pivotal moment that not-for-profits are mentioned, moreover, “non-profit” is recognized as a whole sector. This is welcomed language for those in the sector who have and continue to define the sector and raise its profile.

However, the report falls short to include not-for-profits in the Economic Development section. As mentioned in our submission for the Provincial Budget Consultation, BC’s not-for-profit sector contributes $6.4 billion to the provincial GDP. Jobs and service provisions, as well as losses in this sector need to be seriously considered in the context of a resilient provincial economy.

Other recommendations with implications on the sector

While the not-for-profit sector as a whole is only directly referenced in two themes – first in Health, and secondly, in Social Services, Community Social Services and Social Policy - there are several recommendations for other sectors that could impact BC’s not-for-profits whose work is related to those sectors. These include:

  • Arts and culture: targeted, multi-year recovery funding through BC Arts Council. Donation incentives, tax breaks, infrastructure investments. Increased funding for Creative BC and Amplify BC. Work with other levels of government and community partners to increase investments.
  • Digital media, music, film: explore new measures to address inequities and barriers for underrepresented groups in this industry.
  • Long-term care: sustain investments, especially for staffing and care standards.
  • Mental health and addiction services: invest in continuum of services, culturally safe supports and services, family supports, services for children and youth.
  • Housing: accelerate construction of continuum of affordable and social housing, especially for women facing violence, gender-specific supportive housing, expanded housing options for people with disabilities, youth, and low-income seniors. Expand investments in Indigenous housing with Federal Government.
  • Public safety and justice: increase investments in legal aid and community restorative justice programs. Provide operational funding to child and youth advocacy centres.
  • Childcare: invest in affordable childcare, and funding through Ministries of Children and Family Development and Health to improve access to supports for children and youth with accessibility needs, and their families.
  • Youth: improving supports for youth aging out of care and marginalized youth. The report names Boys and Girls Club, and Right to Play as organizations to provide care and wrap-around programs for marginalized youth.
  • Advanced education: increase adult education resources, including broadening course offerings and skills training (especially important because of COVID-19 and other disruptive workplace forces that could displace workers).
  • Social services: develop a comprehensive, outcome-focused social policy framework. Continue funding provincial poverty reduction strategy. Review the framework for income and disability assistance. Address recruitment, retention, and compensation challenges within community services sector.
  • Fiscal and regulatory policy: apply a gender-based analysis plus lens in policy development and economic recovery, as well as “equity, reconciliation, and climate action lenses”. Ensure federal and provincial programs continue supporting individuals and businesses in recovery. Transition emergency funding to targeted investments that are based on individual and sectoral needs. Review opportunities to temporarily adjust the Employer Health Tax. Introduce a municipal finance reform so there are more tools to address financial pressures related to housing issues, the opioid crisis, and other priorities.

Now what?

Budget 2021 will be presented on the third Tuesday in February (Feb 16, 2021). While the release of the report ensures the public can access the Committee’s recommendations, it is important to recall this report is written and has been submitted to members of BC’s legislative assembly. If you want to engage with your MLA about this report and budget 2021, make sure you are familiar with the Lobbyists Transparency Act.

Overall, the report recognizes many of the key points raised in our recommendations for the sector, namely that there is an immense financial impact due to COVID-19 and strong need for stabilization supports. The report also echoes the reality that the pandemic has revealed the need for resources to address gaps in supports and services for British Columbians. These are all encouraging signs that budget 2021 may reflect the needs and supports we have collectively identified for our sector.

If you want to get further involved in these discussions and the advocacy work that Vantage Point is doing, we encourage you to become a member. During the COVID-19 crisis we have made membership free. You can learn more and sign-up here.

Author

Joyce Lin

Joyce is the Sector Development Coordinator for Vantage Point - she facilitates the foundational work involved in Vantage Point’s goals to contribute to a healthy and thriving not-for-profit sector in BC. On any day, she is monitoring and sharing information that will support sector success and...

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Our Take on the Budget 2021 Consultation Report

Revenue Recognition For Contributions NPO

Aug 3, 2020 | Blog

Revenue Recognition For Contributions NPO

Planning: Strategy & Workforce
All Blogs

by Vantage Point | Aug 3, 2020

This blog was originally posted on the Manning Elliott website, and written by Patrick Chan and Brandon Kelley.

Within Part III of the Handbook - Accounting Standards for Not-for-Profit Organizations, Section 4410 provides guidance on revenue recognition for contributions which are non-reciprocal transfers to an NPO, the most common example being government funding.

Contributions are Classified Into Three Different Types

i) Restricted Contributions

Externally imposed stipulations that specify how the resources or assets must be used.

ii) Endowment Contributions

Externally imposed stipulations that specify the resources must be maintained permanently; the NPO only has access to use the income generated from the endowment.

iii) Unrestricted Contributions

Neither a restricted nor endowment contribution. An NPO can make an accounting policy choice to recognize contributions revenue using either the deferral, or restricted fund method.

Deferral Method

Under the deferral method, unspent restricted funding accumulates as a liability and is presented as deferred contributions on the statement of financial position.

  • Endowment contributions are recognized as direct increases in net assets.
  • Restricted contributions are deferred and recognized as revenue in the same fiscal periods as the related expenses are incurred.
  • Restricted contributions for the purchase of capital assets are deferred and amortized into revenue on the same basis as the acquired capital asset. Funding received for capital assets that won't be amortized is recognized as direct increases in net assets.
  • Unrestricted contributions are recognized as revenue immediately upon receipt of funds.

Restricted Fund Method

Under the restricted fund method, an NPO presents a general fund and one or more restricted funds in their financial statements. Revenues reported in a restricted fund must be externally restricted by a third party.

  • Endowment contributions are recognized as revenue of the endowment fund.
  • Restricted contributions are recognized as revenue in the corresponding restricted fund. If no corresponding restricted fund exists, the restricted contributions are recognized in the general fund in accordance with the deferral method.
  • Unrestricted contributions are recognized as revenue of the general fund.

Example

An NPO received $100,000 of restricted contributions funding during the fiscal year, $60,000 has been spent and $40,000 remains unspent at year end.

The table below illustrates the impact to the financial statements when using the deferral or restricted fund method under this example. The restricted fund example assumes a corresponding restricted fund exists.

Statement of Financial Position
Deferral Method Restricted Fund Method
Cash $40,000 $40,000
Deferred contributions $40,000 $Nil
Net assets $Nil $40,000

Statement of Operations
Deferral Method Restricted Fund Method
Revenue $60,000 $100,000
Expenses $60,000 $60,000
Excess of revenues over expenses $Nil $40,000

 

We Are Here to Help

 

Manning Elliott is here to help. Visit our blog to stay up to date on the most recent NPO topics. To learn more about revenue recognition for contributions or to submit an inquiry, please contact a member of our NPO.

The above content is believed to be accurate as of the date of posting. Tax laws are complex and are subject to frequent changes. Professional advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.

Author

Manning Elliott

Manning Elliott is a CPA firm with offices located in Vancouver, Burnaby, Surrey, and Abbotsford British Columbia, Canada. We provide personalized accounting and business advisory services to companies operating within a wide range of industries in seven major practice areas: Tax, Private Company...

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Our Take on the Budget 2021 Consultation Report

Our Letter on BC’s Recovery

Jul 16, 2020 | BC Non-Profit Network, Blog, Government Relations, Policy and Advocacy

Our Letter On BC's Recovery

Culture: People First
All Blogs

by Vantage Point | Jul 16, 2020

The Government of BC has asked for feedback on their discussion paper, BC’s Recovery from COVID-19. This is a great opportunity to influence BC's recovery. We are sharing some resources for not-for-profits who would like to provide input. Vantage Point sent the letter below to provide our input on the importance of investing in not-for-profits for the recovery. The deadline to for input is Tuesday, July 21, at 4pm.

Ways you can provide input:

Letterhead Header

The Honourable John Horgan, Premier of British Columbia

Office of the Premier
West Annex Parliament Buildings
Victoria, BC V8V 1X4

The Honourable Minister Carole James
Minister of Finance and Deputy Premier
Room 153 Parliament Buildings
Victoria, BC V8V 1X4

July 10, 2020

RE: Now more than ever, is the time to invest in BC not-for-profits.

Dear Premier Horgan and Minister James:

Thank you for the opportunity to provide input on how best to invest the $1.5 billion Economic Recovery Fund. I am writing to you today on behalf of Vantage Point and our member organizations. We are a charity based in Vancouver, BC on the unceded territories of the Skwxwú7mesh (Squamish), Səl̓ílwətaʔ (Tsleil-Waututh), xʷməθkʷəy̓əm (Musqueam), and shíshálh (Sechelt) nations. Vantage Point supports not-for-profits and charities across the province with leadership development, board training, strategic planning, and more. We represent over 545 not-for-profit members from 48 communities across the province.

The impact of the COVID-19 pandemic on the not-for-profit sector has been devastating and requires your urgent attention and action. Vantage Point’s research on COVID-19’s impact on the sector clearly confirms troubling impacts on not-for-profit organizations and the communities we serve. The research documented an increased demand for community services as well as a massive loss of income. The most worrisome estimates suggest that one in five not-for-profits will not survive this crisis.1 Closures of this scale will have irreparable impacts on BC’s economy and communities. The people who depend on these services, often some of the most vulnerable people in society, face increased risks of falling through the cracks. While our sector is innovative and resilient, our capacity to navigate COVID-19 is has reached a breaking point.

Not-for-profits are critical to the lives of people in British Columbia. As we adapt to different phases of the COVID-19 pandemic, BC's not-for-profits and charities continue to provide a critical level of support to the Government of British Columbia, businesses, and the public. We provide everything from the provision of health and other essential frontline services, to supporting victims of domestic violence, to deploying volunteers safely, to providing arts and culture services. The not-for-profit sector has long been recognized as vital to ensuring the safety and wellbeing of our province. We are an essential safety net for the most vulnerable individuals in our communities. From all angles, an investment in the not-for-profit sector aligns with the key values outlined in the recovery consultation discussion paper.

We acknowledge the remarkable work the BC Government has done to support our communities during the extremely challenging environment of the COVID-19 crisis. We have been encouraged by your explicit acknowledgement that “supporting… not-for-profits throughout the pandemic is vital to BC’s response to and recovery from COVID-19.”2 We have also been pleased to know that your Economic Recovery Task Force includes representation from the not-for-profit sector. We encourage you to continue deepening and expanding this engagement to ensure that the full breadth of not-for-profits expertise is adequately reflected in your consultations, advisory groups, and recovery planning efforts.

Recommendation One: Create a $500 million stabilization fund for the not-for-profit sector

Following our recommendations for the Budget 2021 consultation, we insist that a $500 million stabilization fund for the not-for-profit sector is required to ensure that organizations can survive, adapt to new circumstances, and position themselves to actively contribute to our recovery. A stabilization fund of this magnitude is critically important to sustain not-for-profits.

Current measures announced by the Federal and Provincial governments have failed to recognize:

  • the unique situation facing charities and not-for-profits
  • the efforts not-for-profits have continued to make to serve their communities in unprecedented circumstances, and
  • the distinct role that not-for-profits must play in our recovery from COVID-19.

Make funding flexible: It is critically important that stabilization funding is truly flexible and allows not-for-profits to allocate funding where they need it most. Current funding and granting systems often limit spending in our organizations solely on direct program delivery without strengthening our operational capacity. These systems also burden organizations with rigorous reporting requirements. Funding restrictions often cause not-for-profits to drift from their mandate as they often are forced to adapt to evolving funding priorities. These restrictions create precarious working conditions and stifles investments in employee benefits, stable governance, and adequate resources for efficient operations.

Commit to gender equity: We know that gender equity is a priority for the BC government. A stabilization fund will ensure women, who make up 74% of the not-for-profit sector, stay employed. Further, this will allow organizations that serve women and other populations who experience discrimination, oppression, and violence, to continue safely providing services in-person and virtually. Not-for-profits are leaders in anti-racism and social justice work, they are also providers of community-based health and wellbeing programs.

Invest in not-for-profits to stimulate the economy: We encourage you to think of stabilization funding and stimulus spending beyond customary criteria narrowly focused on business, employment, and “shovel-ready” projects.

Invest in not-for-profits to support public health: A stabilization fund of this magnitude would be equivalent to an investment in public health and prevention. These investments can help ensure British Columbians are supported to recover from the mental health effects of prolonged isolation, depression, and stress. It will also help address other healthcare crises, such as the recent increase in opioid overdoses, from worsening.

Partner with well-established and trusted funders: We recommend that a not-for-profit stabilization fund be administered through networks of funders with deeply established relationships with local not-for-profits and charities. Examples of such funders include provincial community foundations such as Victoria Foundation, Vancouver Foundation, United Way, and Vancity Community Foundation. It is particularly important to direct funding to organizations and funders that are led by and are working with Black, Indigenous, People of Colour (BIPOC), and others who face systemic discrimination.

Municipal and regional governments also have well established relationships and partnerships with charities and not-for-profits within their jurisdictions. Funds distributed through municipalities and explicitly earmarked for supporting their local ecosystem of not-for-profit organizations could help strengthen local economies and reduce the load on other municipal and provincial services.

Recommendation Two: Use an equity lens to invest in province-wide internet access, connectivity, and infrastructure

We echo the views in the Building BC’s Recovery Together report of the urgent need for province-wide internet access.

We urge the BC Government to immediately invest in affordable high-speed internet in rural communities, households across BC, and not-for-profit organizations and housing providers. We encourage you to work with network service providers to create equitable access to internet. We encourage you to remove network deployment barriers and use government assets effectively to reduce costs and accelerate the expansion of connectivity in rural BC. As you develop plans for these investments, we encourage you to uphold your commitments towards a Gender Based Analysis Plus (GBA+) framework as a way to ensure equitable access and connections for all, particularly for women, BIPOC, and other underrepresented communities.

We ask that you make funds available for not-for-profits to access reliable and adequate technology as this is one of the key impacts and barriers of COVID-19 on the sector. We encourage you to improve and update funding systems such as the rules for BC’s Community Gaming Grants to allow more flexibility for funds to be used for training and updating technology.

Work with the not-for-profit sector

Once again, we thank you for allowing us to join fellow British Columbians in sharing what is most important for our community’s wellbeing going forward. We urge you to work with the not-for-profit sector to strengthen public wellbeing and stabilize our economy. We look forward to continuing to contribute towards our province’s recovery through constructive investment and partnerships with the Government of British Columbia.

Sincerely,

Alison Brewin
Executive Director, Vantage Point
T: (604) 637-8207 E: abrewin@thevantagepoint.ca
www.thevantagepoint.ca

cc: Minister of Jobs, Economic Development and Competitiveness, Hon. Michelle Mungall Minister of Labour, Hon. Harry Bains Mr. Spencer Chandra Herbert, Vancouver-West End Riding

 

[1] Vantage Point (2020). No Immunity Report. Retrieved from https://www.thevantagepoint.ca/blog/no-immunity-impacts-covid-19-our-sector

[2] Government of BC. (2020). Budget 2021 Consultation. Retrieved from https://www.leg.bc.ca/content/CommitteeDocuments/41st-parliament/5thsession/fgs/Budget2021Consultation/Budget_2021_Consultation_Paper.pdf

 

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Author

Alison Brewin

As Executive Director, Alison Brewin is responsible for executing the Vantage Point’s mission and vision. Alison graduated with a Law Degree from the University of Victoria in 1991 and was called to the Bar in 1992. Throughout the 1990s, she worked in non-profit management, as political assistant...

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Our Take on the Budget 2021 Consultation Report

Our BC 2021 Budget Submission

Jul 2, 2020 | BC Non-Profit Network, Blog, Government Relations

Our BC 2021 Budget Submission

Planning: Strategy & Workforce
All Blogs

by Vantage Point | Jul 2, 2020

This year was Vantage Point’s second time making a submission for the BC Budget Consultation to the Select Standing Committee on Finance and Government Services. Of course, this year looked very different than other years, with the COVID-19 pandemic playing a major role in the way we approached our recommendations.

To prepare this submission we gathered input from our members, spoke to BC not-for-profit umbrella organizations, co-led a virtual gathering of 90 not-for-profits leaders that came together to speak to the budget process. We also reflected on many other convening conversations about COVID-19 we’d held since March 2020 and the input from 1119 BC not-for-profit leaders that were documented in our No Immunity Report.

We were heartened to see that the Budget 2021’s Consultation Paper stated that “supporting… not-for-profits throughout the pandemic is vital to BC’s response to and recovery from COVID-19.” We advocated that the not-for-profit sector is in fact essential to ensure the wellbeing of individuals and communities in British Columbia.

In this submission we ask the Provincial Government to:

1. Create a $500 million stabilization fund for the not-for-profit sector

Not-for-profits have been heavily called upon to assist those impacted by the COVID-19 crisis – through access to food, housing, mental health supports, and other necessities. We urged the Provincial government to invest in the not-for-profit sector to ensure not-for-profits will survive this crisis. Both front line organizations directly supporting those affected by pandemic, to arts and culture organizations that are so critical for wellbeing.

2. Use an equity lens to invest in province-wide internet access, connectivity, and infrastructure

Now more than ever, the world is relying on internet and mobile access. We heard from many not-for-profit organizations of the urgency to address this issue in BC. Especially for vulnerable populations and rural communities, some services can only be accessed virtually.

3. Invest in the Ministry of Citizens’ Services to create a home for the sector in government

In our budget submission last year, we recommended that the Government of British Columbia establish a home for the not-for-profit sector in government. We recognize that some not-for-profits operate under the jurisdiction of certain ministries, but there are vast portions of the sector that do not have a central ministry to turn to for direct collaboration with government and support. We argued that now is a critical time that calls for clear lines of communication between the Provincial Government and the not-for-profit sector.

We encourage you to read the full submission and reach out to Omar Dominguez at odominguez@thevantagepoint.ca with any feedback.

Read Full Submission

Author

Vantage Point

We are a team of passionate and dedicated not-for-profit professionals dedicated to providing not-for-profits with high quality leadership training. We are here to set you up for success. Learn more about our team at www.thevantagepoint.ca/about/our-people/

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Our Take on the Budget 2021 Consultation Report

Charitable Donations – Tax Receipts & Fair Market Value

Jun 18, 2020 | Blog

Charitable Donations - Tax Receipts & Fair Market Value

Board: Effective Governance
All Blogs

by Vantage Point | Jun 18, 2020

This blog was originally posted on the Manning Elliott website

The most important benefit that Canadian registered charities receive is the ability to issue "official donation receipts." When a donation is made to a charity, the charity has the ability to issue a donation receipt which will be tax-deductible to the donor.

Although a charity is not legally required to issue a donation receipt, it usually does so as an incentive to donors. The charity must issue receipts with very specific information.

The Canada Revenue Agency (CRA) suggests that registered charities issue receipts by the last day of February of the calendar year that follows the year of the donation. This allows individual taxpayers to claim their donations on their annual income tax returns.

When Can a Charitable Donation Receipt be Issued?

Before a charitable donation receipt can be issued, a charity must first determine if the donation is a gift. A gift is a donation that is given freely, and not as a result of an obligation. In addition, the gift has to be a transfer of property, i.e., a gift of service is not eligible for a donation receipt.

Split Receipting

Split receipting is required when a charity receives a donation but provides an advantage to the donor (an advantage being when the donor receives something in return for the donation). Therefore the amount on the donation receipt is reduced by the value of the advantage provided to the donor. For example, if a charity gala ticket costs $300, but the value of the meal and entertainment provided is $100, the charity would issue a donation receipt for $200.

There is an exception from split receipting when the advantage is less than $75 or 10% of the donation, whichever is less. In that case, a receipt can be issued for the full value of the donation, meaning no reduction is required.

No receipt can be issued if the advantage exceeds 80% of the donation, as the CRA considers the donor to have no real intention of making a gift.

How to Determine Fair Market Value

To determine the eligible amount of a gift for tax purposes, a charity must know the fair market value of the donation, as well as the fair market value of the advantage provided to the donor, if any. If a charity is unable to determine the fair market value of either the gift or advantage, a tax donation receipt cannot be issued.

The Canada Revenue Agency (CRA) indicates that fair market value, "is usually the highest dollar value you can get for your property in an open and unrestricted market and between a willing buyer and a willing seller who are knowledgeable, informed, and acting independently of each other."

For gifts of $1,000 or less, someone within the charity with knowledge of the gift may determine the value of donated goods for tax purposes. However, if the gift is to be appraised at an amount higher than $1,000, then it is strongly recommended by CRA that an independent, professional appraiser prepare a donation appraisal report to determine the value of the gift. The donation receipt should also show the name of the appraiser who established the value.

A record of how the fair market value was determined should be maintained by the charity. A charity cannot issue an official donation receipt in the name of anyone but the true donor. The name and address of the donor must appear on the tax donation receipt, in addition to several other key pieces of information.

Donation Receipt

The 12 key areas that need to be completed on an official donation receipt are as follows:

  1. Receipt number;
  2. Charity name;
  3. Charity address;
  4. Charity registration number;
  5. Date of the donation;
  6. Donor's first name, initial, and last name;
  7. Address of the donor;
  8. The total amount of the gift received;
  9. The eligible amount of the gift received for tax purposes (which takes into account the FMV and any advantage);
  10. The date the receipt was issued;
  11. Location the receipt was issued; and
  12. Authorized signature of the charity.

If the gift is non-cash, some additional items need to be included on the donation receipt, such as the description of the donation and, if applicable, the appraised amount and the appraiser's name.

We are Here to Help

Manning Elliott is here to help if you have any questions about tax receipting and fair market value as it relates to charitable donations. To submit an inquiry, please contact a member of our NPO team.

The above content is believed to be accurate as of the date of posting. Tax laws are complex and are subject to frequent changes. Professional advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.

Author

Manning Elliott

Manning Elliott is a CPA firm with offices located in Vancouver, Burnaby, Surrey, and Abbotsford British Columbia, Canada. We provide personalized accounting and business advisory services to companies operating within a wide range of industries in seven major practice areas: Tax, Private Company...

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