adc Posted May 16, 2009 Posted May 16, 2009 How does that work? How does one get a tax deduction if they donate time, or an object (ie guided fishing trip)? A donation of "value" can be either goods or services..........I have sent a note to TUC to ensure we are absolutely clear on what will constitute a tax receipt this year as there was some confusion last year..........I will post the "gospel" from TUC as soon as they reply to my email.......... Quote
ReelLife Posted May 16, 2009 Posted May 16, 2009 How does that work? How does one get a tax deduction if they donate time, or an object (ie guided fishing trip)? This is where it gets murky. If you are an established business which charges a set rate for a an object or service you can prove to Revenue Canada the worth of the donation. I know that Tak Shimizu despite having receipts for thousands of dollars from TU and others for his donations was not able to use for tax purposes. His fly tying is a hobby and he is not generating revenue where taxes were being paid for the selling of his Fly Plates. People donating items that are not a usual part of their revenue generation where taxes are being paid probably should be just thinking about doing something good for the Streamwatch cause and no more. Note I am not an accountant and so you are best to get advice on this subject if you are concerned about the tax receipts for your donations. Quote
cuttbow Posted May 17, 2009 Posted May 17, 2009 there's a first brent...bidding on your own...that way no one can know your secrets : Actually i didnt, Young guy got ahold of me and wanted the trip for his dad. But had no way of getting money to TU so i kinda bid for him. Think thats legal. Quote
ReelLife Posted May 17, 2009 Posted May 17, 2009 Is it still open? 295 on 16 Closed at 12:00 PM Quote
toolman Posted May 17, 2009 Author Posted May 17, 2009 The StreamWatch Auction is now closed. See page 1 for the complete Auction list and details. Buyers are asked to complete payment as soon as possible, then contact donors to make arrangements to recieve their item/service. A big thanks to all who have contributed so generously. The fishies thank you! Greg Quote
loyaleddie Posted May 17, 2009 Posted May 17, 2009 SWEET..I GETS ME CAKE…hmmm Chris I will pretty much leave the design up to you…but may I remind you not to make any cakes that resemble any private parts OR laced with arsenic (my kids will be eating it)…Now the big decision ! Where to deliver this MOFO? I am going to Vegas next week so that might be a start….or else you drop it by my house and we hit’s the Highwood….never fished there… Quote
adc Posted May 17, 2009 Posted May 17, 2009 The StreamWatch Auction is now closed. See page 1 for the complete Auction list and details. Buyers are asked to complete payment as soon as possible, then contact donors to make arrangements to recieve their item/service. A big thanks to all who have contributed so generously. The fishies thank you! Greg Yes, thanks to all for your support of Stream Watch........I also want to thank Greg for his great auctioneering skills and for running the auction so effectively.......Thanks again to all........ Al.... Quote
toolman Posted May 18, 2009 Author Posted May 18, 2009 This years StreamWatch Auction total is $ 5,730 Thanks, Quote
dryfly Posted May 18, 2009 Posted May 18, 2009 Thanks to all. RE: Tax receipts "The tax receipt is issued to the donor of the item." Not necessarily. What I recall from last year was that donors of trips are not able to request a tax receipt from TUC. Can someone confirm? We were told we could not claim expenses incurred for our donated trip.) However, donors of hard goods can ask for a tax receipt based on real value of goods donated (receipts) and I have done so many times for donated pictures. CRA has always accepted tax receipts for "art" within reason. Many years ago they would allow a claim for all cash costs plus $100 for artistic value and so that is what I have stuck to. So if I have (say) $50 into a picture for the print and frame I can (and have many times) submitted an "an invoice for the purpose of issuing a tax receipt" for $150 (or whatever) to the charitable agency. I've also requested receipts for the sale price but RCA can get pissy if the framed print sell way high. i.e. not fair market value because someone wanted to donate to a worthy cause. I've submitted invoices in recent years to TUC, Schizophrenia Society, local library, Kids' Wish, DU and the local museum. So it does work. Sometimes you have to hound these folks for receipts as they are often run by unpaid volunteers who are busy. A purchaser can request a tax receipt if it can be shown that the price paid was above the market value. Normally a buyer cannot get a receipt of they get goods in return. If you buy a $200 item for $1000 you should be able to claim $800 as a donation. Many folks complain about not getting a receipt. I would strongly recommend that donors take the initiative and send an invoice to TUC for this auction. Here is sample wording I use... Invoice Date: October 21, 2008 To: XXXXXXXXXXXXXXXX For the purpose of issuing a tax receipt, this is an invoice for the value of the framed photograph donated to XXXXXXX for the October 2008 auction. Description: Framed 14 by 11-inch sepia print of an American Bison, including printing costs, framing and artistic value. Total $150.00 Sincerely, Quote
loyaleddie Posted May 19, 2009 Posted May 19, 2009 Thanks to all. RE: Tax receipts .A purchaser can request a tax receipt if it can be shown that the price paid was above the market value. Normally a buyer cannot get a receipt of they get goods in return. If you buy a $200 item for $1000 you should be able to claim $800 as a donation. Thanks Clive I am sure that BBT's cake is WAY over priced...and think he should be paying me to eat it!!! LOL..all good... All kidding aside, i am considering my contribution a donation...and was curious of the process of claiming it.... Quote
Hawgstoppah Posted May 19, 2009 Posted May 19, 2009 I am sure that BBT's cake is WAY over priced... No way... you practically STOLE that cake Loyaleddie!! Quote
fegus Posted May 19, 2009 Posted May 19, 2009 just to let everyone know that Kimberley is on holidays this week, I found this out after phoning in with my payment. You will need to make sure when you call in you mention that the payment is for the Lethbridge Stream Watch program of TU for items posted. I talked to Dustin at TU who was very helpfull Fegus... Quote
Tungsten Posted May 27, 2009 Posted May 27, 2009 Has anyone got a hold of Kim?Is she back..Thx.. Quote
Taco Posted May 27, 2009 Posted May 27, 2009 send a cheque to adc, instructions on the head of the thread. to those that know; good cause but the off line pissin' contest was flatout needless bullshit Quote
thefisherking Posted May 27, 2009 Posted May 27, 2009 She wasn't there when i called yesterday, but the guy on the phone took care of me. Quote
Tungsten Posted May 27, 2009 Posted May 27, 2009 She wasn't there when i called yesterday, but the guy on the phone took care of me. What # did you call?thx Quote
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