This will help charities adjust to the revised format. In the Spring 1994 edition of the Registered Charities Newsletter , we stated our concern about certain charities that issued donation receipts for more than the fair market value of gifts of art. Since publishing that edition, we have revoked the status of two charities for issuing receipts at inflated values for such gifts. Also, we disallowed the claims of donors for these gifts on their individual income tax returns, and we prosecuted the two individuals responsible for the scheme. We will continue to strictly enforce the rules for charities in this area.
Charities can only issue receipts for the fair market value of gifts of art.
This newsletter is part of a series. You may want to keep it for reference.