The Canada Revenue Agency has strict rules and regulations regarding the issuance of tax receipts. It is imperative that these matters pertaining to receipting are handled efficiently, appropriately and most importantly, legally.
- Tax receipts will be issued for cash gifts of $20 or more. Please note that it is the responsibility of the organizers to provide, within 30 days of the event, the title, name, address and gift amount in electronic spreadsheet form for any donation that requires a tax receipt. Tax receipts may not exceed the amount donated to the Foundation;
- Tax receipts can be issued for donations only and not sponsorships;
- If tax receipts will be issued for the charitable donation portion of a ticket price, this amount must be clearly identified and differentiated from the “fair market value” of the event (as described by Canada Revenue Agency). Please discuss receipting with the Foundation staff prior to establishing your ticket price to ensure compliance with all Canada Revenue Agency regulations. Admission fees, ticket prices and auction purchases do not qualify for charitable tax receipts.
- Most companies prefer to claim contributions as business expenses since there is a greater tax advantage for a business expense write-off than for a charitable donation. If a corporation wishes to receive a business receipt for its donation, we will be happy to issue one upon request, provided the conditions set by Canada Revenue Agency are met. An official tax receipt an only be issued if the company has not received advertising or promotional value in return.
Tax receipts CANNOT be issued:
- for the purchase of admission tickets, green fees, auction items or 50/50 draw winnings
- for registration/participation fees
- for in-kind goods donated to the event
- for donated services, such as hiring an entertainer or auctioneer
- for sponsorships
- for gift certificates donated by the issuer of the certificate
If you need further clarification, please contact the Foundation at 519.941.2702 ext. 2303.
- The event organizers will obtain all necessary permits, licenses and insurance for their event.
- The event organizers will provide a detailed, accurate and up-to-date accounting record must be provided to the Foundation upon request.
- All funds and tax receipt information (if approved to issue receipts), must be received by Headwaters Health Care Foundation within 30 days after the event.
- Headwaters Health Care Foundation will retain the right to review the financial statements and internal controls of the event at the request of our auditors, Deloitte and Touche.
- If the event is cancelled, please notify the Foundation at least one day prior to the event.
- Headwaters Health Care Foundation will not assume any legal or financial liability at a community event.
- Headwaters Health Care Foundation is not responsible for any damage, accidents to persons or property at a community
If you have any questions, please contact 519.941.2702 ext. 2303 or by email at email@example.com