Q. What is a gift in kind?
A gift in kind is a transfer of property other than cash. If you hold certain types of investments they may be transferred as a gift to a charity. You may transfer your gift to HART with a request that the proceeds of the sale of the gift in kind be allocated to the approved fund of your choice.
Q. What type of investments are eligible for the favourable tax treatment? And, how long will the transfer take?
Publicly traded common or preferred shares, transferrable bonds/ debentures and units of income trusts, royalty trusts or real estate trusts are normally transferable within five business days after the delivering institution has received your instruction to transfer. Mutual funds are transferable 10–25 business days after the instruction to transfer is delivered.
Q. What type of investments are not eligible for the favourable tax treatment?
Guaranteed Investment Certificates and term deposits, mortgages, foreign securities, non-transferrable bonds and shares of private corporations are not eligible.
Q. When is the value of the transferred securities determined?
The securities are normally valued on the date the securities are received in the HART RBC Direct discount brokerage account. The value will be the same or close to the proceeds realized on sale of the securities.