D21. If a charity that is a designated institution disposes of cultural property other than to another designated institution, what are the tax implications?

D21. If a charity that is a designated institution disposes of cultural property other than to another designated institution, what are the tax implications?


Short answer

Unless the property is transferred to another designated cultural institution
and
if the property were disposed of within 10 years of first being certified by the Canadian Cultural Property Export Review Board,
the organization would be subject to a special tax equal to 30 per cent of the fair market value of the property.

More…

More information on this topic is available in IT-407 Dispositions of Cultural Property to Designated Canadian Institutions.