Thursday, 3 October 2024, 10:43 AM
Site: RRU Open Educational Resources
Course: Give Green Canada (Give Green Canada)
Glossary: Here is a Helpful Glossary of Gift Planning
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. |
Public foundationA charitable foundation where more than 50% of the directors, trustees, officers or like officials deal with each other at arm's length and not more than 50% of the capital contributed or otherwise paid in to the foundation has been contributed or paid in by one person or members of a group of persons who do not deal with each other at arm's length. |
Publicly traded securitiesPublicly traded securities include stocks, bonds and mutual funds containing stocks listed on approved stock exchanges. |