Receipting Policy

Tax receipts will be issued in accordance with the regulatory requirements of Canada Revenue Agency and the Charities Directorate.

• IFB will issue an official receipt for donations of $20 or more that qualify as charitable gifts.
• IFB will issue charitable tax receipts for gifts in kind at Fair Market Value. Fair market value is normally the highest price, expressed in dollars, that property would bring in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed, and prudent, and who are acting independently of each other.
• Gifts in Kind estimated to be valued over $1000 require proof of purchase and/or an independent appraisal to determine Fair Market Value.
• Donors are encouraged to provide supporting documentation (e.g. receipts, invoices) that can help establish the fair market value of their gift.
• IFB may require an independent appraisal from a qualified professional to determine fair market value.
• If following internal consultations, uncertainty remains as to whether a donation qualifies as a charitable gift, a ruling may be sought from legal counsel, independent counsel, and/or the CRA.
• If the fair market value cannot be reasonably determined, then an official donation receipt cannot be issued.