GOLF TOURNAMENT – GIFTING RECEIPTS
CRA has released a video and informational webpage to assist charities in providing receipts related to charity golf tournament fundraisers.
CRA advised that any donation receipt should be reduced by any advantage a participant receives (such as green fees, use of a golf cart, drinks, meals and door prizes, all totalled and prorated for the number of tickets). Members who would not incur certain fees, such as green fees or golf carts, do not need to consider these as an advantage. Nominal non-cash gifts to participants are not considered an advantage (provided it is less than the lower of $75 or 10% of the registration fee).
For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 442