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

Monitoring

Actions 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 income

Total income less certain allowable deductions such as RRSP contributions and child care expenses.
P

Present gift

A gift that is available for the charity to use now. Also called an outright or current gift.

Principal residence

Under 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 foundation

A 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 land

Land owned by private individuals or corporations rather than the Crown.

Property

Under 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 tax

A 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 tax

A tax payable under the Property Transfer Tax Act on the transfer of an interest in real property by the person acquiring the interest.

Public charity

A charity other than a private foundation.