ARCHIVED - 1995 General Income Tax Guide
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ARCHIVED - Line 342 - Cultural, ecological, and government gifts
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Enter on line 342 the amount of your gift to Canada, a province, or territory. Attach your receipt to your return (unless the amount is shown on a T5013 slip or is allocated to you by a partnership in its financial statements). You have to report any capital gain or loss on the property (other than cultural property) that you donated to Canada, a province, or territory. See the income tax guide called Capital Gains for details.
You can include the amount of your gift to a designated institution for property that the Canadian Cultural Property Export Review Board has certified. Attach to your return both the official receipt and Form T871, Cultural Property Income Tax Certificate.
Under proposed legislation, you can claim the amount of your gift of land, donated after February 27, 1995, to a Canadian municipality, or a registered charity that the Minister of the Environment has designated. The land must be certified by that Minister to be important to the preservation of Canada's environmental heritage. Attach to your return both the official receipt and the certificate called, Certificate for Donation of Ecologically Sensitive Land, issued by the Minister of the Environment. You may have to report any capital gain or loss on the property that you donated. For details, see the income tax guide called Capital Gains.
Unlike other donations, your claim for these types of donations is not limited to 20% of your net income. You can choose the part of your donations you want to claim in the year and you can carry forward any unused part for up to five years.
If you need more information, get the pamphlet called Gifts and Income Tax.
Note
If you make a monetary gift to Canada, you can choose to apply it to the Debt Servicing and Reduction Account. Make your gift out to the Receiver General for Canada and mail it to: Place du Portage, Phase 3, 11 Laurier Street, Hull QC K1A 0S5. Public Works and Government Services Canada will provide you with a receipt. Be sure to include a note saying that you want your gift applied to this account. All such gifts will only be used to service the public debt.
- Date modified:
- 2002-02-04