A gift of Real Estate allows you to give an immediate gift and receive an immediate charitable tax receipt for the fair market value of your property. Gifts of Real Estate include principal residences, farms, land and commercial property. Giving a gift of real estate allows you to simplify your estate and give to the Ontario SPCA during your lifetime. This type of can reduce income taxes now.
Benefits of a Gift of Real Estate
- Tax Advantages
- Reduction of Fees
How does it work?
An independent appraiser must appraise the property. The Ontario SPCA begins the valuation process. After the fair market value is determined, as a donor you sign and deliver a deed transferring the property to the Ontario SPCA. A charitable tax receipt is then issued for the fair market value as of the day on which the transfer takes place. Please note that some conditions apply to the acceptance of these types of gifts, for example, an environmental audit of the property may be required.
Please Seek Expert Advice: If you are thinking about transferring assets that have appreciated in value, you should seek expert advice from a tax specialist or financial planner.
The Ontario SPCA strongly recommends professional advice to ensure that your financial goals are considered, your tax situation is reviewed and your planned gift is tailored to your personal circumstances.