Real estate and personal property are often overlooked as a charitable gift but could be a great way to support your favourite charity or cause.
Examples of Gifts of Real Estate and Tangible Property:
- Real estate: Houses, cottages, commercial buildings
- Personal property: jewelry, antiques, art, vehicles, collections
- Principal residence: an official donation receipt is given for the fair market value, which offsets other taxes on your estate. There is no tax levied on the principal residence itself.
- Cottage or other real estate: Canada Revenue Agency levies tax on the capital gain of all other real estate assets. A charitable tax receipt can help offset the tax on the gain as well as other taxes in your estate.
How Does Making a Gift of Property Benefit You?
By giving a gift of property, you create a lasting legacy that shows your generosity and support of Habitat for Humanity GTA.
It provides you with an opportunity to fulfill dreams of making a larger contribution that is normally not possible during one’s lifetime — an achievement for you and your loved ones to be proud of.
It allows you to give from possessions you don’t need, normally without changing your income or lifestyle. You might not have liquid assets to fund a substantial legacy gift, but may have considerable holdings in your property. The property can be immediately donated, making for a much larger gift that could be funded out of current cash flow or cash assets.
You will receive a donation receipt for the resale value of the property, as decided by a qualified professional appraisal. If the gift is your home, any increase in value since you purchased it will not be taxed but you will receive a donation receipt for the full fair market of the property.
What are my next steps?
- Contact Habitat for Humanity GTA to confirm that our charity accepts this type of property as a gift.
- Sign and deliver to us a deed transferring the property to Habitat for Humanity Greater Toronto Area.
- Habitat for Humanity GTA, as required by our policies, will review the offer of the gift and decide if it wishes to accept it and will start the valuation process.
- As part of our decision-making about the gift, Habitat for Humanity GTA might undertake appropriate searches and investigations, especially in the case if real estate; regarding ownership, mortgages, encumbrances, title restrictions and environmental liability.
- After the formal completion of the property transfer and the property appraisal, you will receive an official donation receipt for the fair market value.
We are here to help
Should you decide to make a gift of real estate or tangible property to Habitat for Humanity GTA, please contact us for further discussion. Your gift intention will be held in strictest confidence.
The correct legal name to include is:
Habitat for Humanity Greater Toronto Area
155 Bermondsey Road Toronto, ON M4A 1X9
Charitable Registration Number: 13382 4680 RR0001