Donors of archives and special collections materials can receive a tax receipt for an in-kind donation. In order to receive a tax receipt, a monetary appraisal must be conducted to determine the fair market value of the donation. The following guidelines must be followed:
- Appraisals will be conducted at arms-length from the donor and will be for the fair market value of the works according to the following definition: the price at which an object changes hands between a willing buyer and a willing seller, acting independently of each other, neither being under any compulsion to buy or sell, and both having reasonable knowledge of the relevant facts.
- Donations valued at under $1000 can be appraised internally, by the Archivist, at no cost to the donor.
- If the donor believes their donation is worth more than $1000, In accordance with Revenue Canada regulations, an external appraiser must conduct the monetary appraisal. The appraiser must be approved by the University Archivist and the donor must pay the appraiser’s fee.
- Donations that are considered to be of national or provincial importance may be eligible for Cultural Property certification. The Canadian Cultural Property Export Review Board (CCPERB) requires two appraisals in this case, with such appraisals to be at the expense of the donor.
- Donors will receive a receipt to be used for income tax purposes under separate cover and issued by the Office of the Vice-President (Advancement). The tax receipt will be applicable for the year of the donation. Large collections requiring significant processing may not be appraised until after the tax deadlines, and tax receipts may need to be applied retroactively.