Thursday, 14 November 2024, 8:26 PM
Site: RRU Open Educational Resources
Course: Give Green Canada (Give Green Canada)
Glossary: Here is a Helpful Glossary of Gift Planning
M
MonitoringActions carried out to measure and record change on land upon which a covenant has been placed, determine the effectiveness of the covenant to protect the land and ensure compliance with the terms of the covenant. |
N
Net incomeTotal income less certain allowable deductions such as RRSP contributions and child care expenses. |
P
Present giftA gift that is available for the charity to use now. Also called an outright or current gift. |
Principal residenceUnder the Income Tax Act, a housing unit, leasehold interest in a housing unit or share of the capital stock of a co-operative housing corporation acquired for the sole purpose of acquiring the right to inhabit a housing unit owned by the corporation that is owned and ordinarily inhabited in the year by a taxpayer, the taxpayer's spouse or child. |
Private foundationA charitable foundation that is not a public foundation. Typically a private foundation receives most of its funds from a single source, its directors do not deal at arm's length with each other, and it makes grants to registered charities. |
Private landLand owned by private individuals or corporations rather than the Crown. |
PropertyUnder the Income Tax Act, property of any kind whatever, whether real or personal, including a right of any kind, a share of the capital stock of a corporation and the work in progress of a business that is a profession. |
Property taxA tax levied on real property by either the province or a local government based on the assessed value of the property, generally market value. |
Property transfer taxA tax payable under the Property Transfer Tax Act on the transfer of an interest in real property by the person acquiring the interest. |
Public charityA charity other than a private foundation. |