A transfer of property (in cash or in kind) made by a donor with the genuine intention of making a gift. Property so transferred.
- If a donor (or a person with whom the donor does not deal at arm's length) receives such an advantage in recognition of the gift, the amount of the advantage must not exceed 80% of the value of the gift, unless the donor demonstrates that there was a firm intention to make a gift.
- Gifts do not include the following:
- payments made to an organization to rent its property;
- services provided to the organization (except where a volunteer gives back to the organization an amount reimbursed by the organization for certain expenses incurred by the volunteer while providing services to the organization; such an amount is considered a gift); or
- pledges (pledges become gifts only when honoured).