In 2014-0526141E5, the CRA responded to a taxpayer’s question as to whether or not donation of custody of a fossil could be considered a charitable gift. In order for a gift to be made, there must be a transfer of property from the donor to the donee, and whether or not the custody itself could be considered property was a question of law that would be based on a review of the legal agreements, the applicable provincial legislation, and the facts.

Ultimately, the CRA concluded that “a donee may not issue a donation receipt if it cannot reasonably determine the value of the property gifted.”