Income Tax Act — I-3.3 110.1
nvironmental heritage, and (iii) the gift was made by the corporation in the year or in any of the 10 preceding taxation years to a qualified donee that is (A) Her Majesty in right of Canada or of a province, (B) a municipality in Canada that is approved by that Minister or the designated person in respect of the gift, (C) a municipal or public body performing a function of government in Canada that is approved by that Minister or the designated person in respect of the gift, or (D) a registered charity (other than a private foundation) one of the main purposes of which is, in the opinion of that Minister, the conservation and protection of Canada’s environmental heritage, and that is approved by that Minister or the designated person in respect of the gift. Limitation on deductibility (1.1) For the purpose of determining the amount deductible under subsection 110.1(1) in computing a corporation’s taxable income for a taxation year, (a) an amount in respect of a gift is deductible only to the extent that it exceeds amounts in respect of the gift deducted under that subsection in computing the corporation’s taxable income for preceding taxation years; and (b) no amount in respect of a gift made in a particular taxation year is deductible under any of paragraphs 110.1(1)(a) to (d) until amounts deductible under that paragraph in respect of gifts made in taxation years preceding the particular year have been deducted. Where control acquired (1.2) Notwithstanding paragraph 88(1)(e.6), if control of a particular corporation is acquired at any time by a person or group of persons, (a) no amount is deductible under any of paragraphs (1)(a) to (d) in computing any corporation’s taxable income for a taxation year that ends on or after that time in respect of a gift made by the particular corporation before that time; and (b) no amount is deductible under any of paragraphs (1)(a) to (d) in computing any corporation’s taxable income for a taxation year that ends on or after that time in respect of a gift made by any corporation on or after that time if the property that is the subject of the gift was acquired by the particular corporation under an arrangement under which it was expected that control of the particular corporation would be so acquired by a person or group of persons, other than a qualified donee that received the gift, and the gift would be so made. Proof of gift (2) An eligible amount of a gift shall not be included for the purpose of determining a deduction under subsection (1) unless the making of the gift is evidenced by filing with the Minister (a) a receipt for the gift that contains prescribed information; (b) in the case of a gift described in paragraph (1)(c), the certificate issued under subsection 33(1) of the Cultural Property Export and Import Act ; and (c) in the case of a gift described in paragraph (1)(d), both certificates referred to in that paragraph. Where subsection (3) applies (2.1) Subsection (3) applies in circumstances where (a) a corporation makes a gift at any time of (i) capital property to a qualified donee, or (ii) in the case of a corporation not resident in Canada, real or immovable property situated in Canada to a prescribed donee who provides an undertaking, in a form satisfactory to the Minister, to the effect that the property will be held for use in the public interest; and (b) the fair market value of the property otherwise determined at that time exceeds (i) in the case of depreciable property of a prescribed class, the lesser of the undepreciated capital cost of that class at the end of the taxation year of the corporation that includes that time (determined without reference to the proceeds of disposition designated in respect of the property under subsection (3)) and the adjusted cost base to the corporation of the property immediately before that time, and (ii) in any other case, the adjusted cost base to the corporation of the property immediately before that time. Gifts of capit