St. Michael's College, U of T

Making a Gift: "Gifts in Kind"

Non-Monetary Gifts

The University of St. Michael’s College has been the grateful recipient of a wide range of non-cash gifts, commonly referred to as 'gifts in kind.' Examples include books, real estate, artwork, special equipment, and other tangible personal property. These may be appropriate gifts to enhance a particular department or collection. Alternatively, the University of St. Michael’s College may choose to sell the property and use the cash proceeds.

Generally, when a donor makes a gift of tangible assets (a 'gift in kind'), an income tax receipt is used for its current market value. One or more independent professional appraisers determine this value.

Gifts of property may trigger capital gains tax upon disposition. However, the charitable tax credit that the donor will receive for this gift will more than offset the taxes owed.

The following types of property involve special consideration when being given in the context of the charitable gift:

• Real Estate - primary residence (principal residence), secondary residence (cottage, vacation property, etc.)
• Certified cultural property
• Corporate inventory
• Gifts of service