We are asked to comment on a specific completed transaction. Property was transferred to a qualified donee for consideration in year 1. Pursuant to a written agreement, the donee was to receive cash consideration for the transfer and a donation receipt. No receipt was issued due to consideration given. In year 11, a valuation was obtained suggesting property gifted could have been divided into sets with one set having a fair market value equal to the cash consideration for the transfer. We are asked whether the written agreement could be amended, on a retroactive basis, to reflect gift of one set, sale of other, then a donation receipt issued in year 12, and a tax credit claimed by the donor.
General comments given as to when a gift is completed, and the time limits for claiming a donation tax credit.
Question of fact to be determined by Audit having regard to all documentation.