EP7. When an individual makes a gift through his or her will, when is the gift deemed to have been made?

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EP7. When an individual makes a gift through his or her will, when is the gift deemed to have been made?

Under subsection 118.1(5) of the Act, “…where an individual by the individual’s will makes a gift, the gift is, for the purpose of this section, deemed to have been made by the individual immediately before the individual's death.

For gifts in kind, the value of the gift is considered to be its fair market value immediately before death and not when the property is subsequently received by the charity.

(Reprinted with permission from Info Sheet #12 Enduring Property by Charities Files)