Important Update:
The Department of Finance has announced proposed changes to the Income Tax Act to limit the tax benefits from "buy-low, donate-high" charitable donations made under tax shelter and other arrangements.
As of 6:00 p.m. (EST) December 5, 2003, the value of a tax receipt issued by a charity for gifts of property, will be limited to the donor's cost of the property where it is donated within three years of acquisition or acquired through a gifting arrangement.