{"id":24005,"date":"2017-01-19T13:00:43","date_gmt":"2017-01-19T18:00:43","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=24005"},"modified":"2019-10-15T10:10:49","modified_gmt":"2019-10-15T14:10:49","slug":"cra-releases-folio-on-split-receipting-and-deemed-fair-market-value","status":"publish","type":"post","link":"https:\/\/www.cccc.org\/news_blogs\/legal\/2017\/01\/19\/cra-releases-folio-on-split-receipting-and-deemed-fair-market-value\/","title":{"rendered":"CRA Releases Folio on Split Receipting and Deemed Fair Market Value"},"content":{"rendered":"

Authored by Philip Milley, Associate Director of Legal Affairs<\/em><\/p>\n

The Canada Revenue Agency (“CRA”) recently released a folio on Split-receipting and Deemed Fair Market Value<\/a>.\u00a0This folio provides CRA’s technical interpretation of subsections 248(30)<\/span> to (41)\u00a0<\/span>of the Income Tax Act<\/em>. CRA has a less technical discussion<\/a> of the split receipting rules that was most recently updated May 2018.\u00a0<\/span><\/p>\n

Income tax folios were introduced in 2013 and provide CRA’s technical interpretation of provisions of the Income Tax Act. <\/em>Folios\u00a0replace\u00a0various income tax interpretation bulletins and\u00a0are intended for use by\u00a0tax professionals and those who have an interest in tax law. Folios reflect CRA’s interpretation of the\u00a0Income Tax Act\u00a0<\/em>and are not a substitute for the law.<\/p>\n

This new folio consolidates and cancels two CRA publications: Interpretation Bulletin IT-110R3, Gifts and Official Donation Receipts<\/em> and Income Tax Technical News No. 26<\/em> (ITTN 26). The update to the folio improves readability, lists noteworthy substantive technical and interpretative changes to the Act<\/em>\u00a0and Regulations<\/em>. Notable changes\u00a0include new more relevant examples of split-receipting and newly drafted guidelines on how to determine:<\/p>\n