Low-cost housing corporations for the aged

As a result of changes to the Income Tax Act that came into force on January 1, 2012, a low-cost housing corporation for the aged [within the meaning of paragraph 149(1)(i)] that wants to become a qualified donee must apply for registration and be included on a publicly available list maintained by the Canada Revenue Agency (CRA). If it is registered as a qualified donee it can issue official donation receipts and registered charities can make gifts to it.

The following links include the list of low-cost housing corporations for the aged that are registered as qualified donees. They also provide information about how to apply for registration and the obligations of qualified donees under the Act.

For background information about these requirements, go to Enhancing the regulatory regime for qualified donees.

For information on the interim measures put in place while the application process was being developed (prior to January 1, 2014), go to Interim measures.

Issuing official donation receipts

A low-cost housing corporation for the aged that is a qualified donee can issue official donation receipts for income tax purposes. Before issuing an official donation receipt, a qualified donee must determine whether it has received a gift for the purposes of the Income Tax Act and the eligible amount of the gift. For more information, go to What is a gift? and see P113, Gifts and Income Tax.

The information on an official donation receipt must be legible and shown in a way that cannot be easily altered. Each receipt must include:

If an official donation receipt is being issued for a non-cash gift, the amount of the gift must be its fair market value at the time the gift was made. The receipt must also include:

Books and records

To maintain its qualified donee status, a low-cost housing corporation for the aged has to keep adequate books and records containing:

Books and records must be kept at the Canadian address that the low-cost housing corporation for the aged has on file with the CRA and must be provided to the CRA on request.

Books and records include, but are not limited to:

For more information about keeping proper books and records, including the types of records that should be kept, retention periods, and electronic records, go to Keeping Records.

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