Bequest

Summary policy

As a result of Budget 2010, the information on this page applies only for fiscal periods ending before March 4, 2010.

Date
September 3, 2003 (Revised September 13, 2005)

Reference number
CSP-B04

Key words

Bequest - Enduring property - Will

Policy statement

A bequest is an amount that a registered charity receives from the will of a deceased person. Under the Income Tax Act, a bequest is a gift of enduring property. Bequests are generally excluded from a charity's disbursement quota. However, bequests must be included in calculating the disbursement quota in the year in which they are spent or transferred to a qualified donee.

References

• Summary policy CSP-W02, Will
• Form T1259, Capital Gains and Disbursement Quota Worksheet
• Form T3010B, Registered Charity Information Return
• Guide T4033B, Completing the Registered Charity Information Return
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 149.1(1)

Date modified:

2010-05-25