Consolidated Post Your Sobeys Kraft Dinner Clearances
Nov 1, 2011, 8:41 pm
#76
Join Date: Oct 2008
Location: YYC
Posts: 4,035
Wow, thanks rehoult! I have been working with Daily Bread Food Bank for the last 2 days, and they said they could pick up the KD. I offered to give them a $2000 cash donation, and sell them my KD for $1800. They would net $200 for their paperwork troubles, and 1051 boxes of KD. However, they said they could not give me a receipt!
I just got off the phone with the Markham Food Bank, and the lady I spoke to said she could give me a receipt for "property received" and the value. She said she would check with their accountant to see if they could do it my way (since I hadn't read your post at that point), so it looks like this may happen!
I owe you a few beers!
I just got off the phone with the Markham Food Bank, and the lady I spoke to said she could give me a receipt for "property received" and the value. She said she would check with their accountant to see if they could do it my way (since I hadn't read your post at that point), so it looks like this may happen!
I owe you a few beers!
Nov 1, 2011, 8:41 pm
#77
Suspended
Join Date: Jan 2010
Location: Calgary, Alberta
Programs: Hyatt Diamond, Fairmont Platinum, Aeroplan Diamond, HHonors Gold, SPG Gold
Posts: 18,686
As an update, I just called into the CRA.
They are in full agreement that donations of food are valid for deduction purposes. The following is the definition of 'Gift in Kind':
While it gives example of capital property and personal use property, those are merely examples. Food would be considered to be property other than cash. The following would be required for a receipt to be issued:
1) Qualified donee (food bank must be a registered charity)
2) Donee is willing to accept the donation
3) FMV can be readily determined.
1 and 2 are easy. For 3, the guide (P113) goes on about valuation methods but the agent made clear that for 'new' property a store issued receipt for the purchase of the property would be an entirely acceptable basis for valuation.
Charities are not required to issue receipts at all (See: http://www.cra-arc.gc.ca/chrts-gvng/.../rqss-eng.html), but there is nothing offside about them issuing one for the donation of food. You may wish to speak with the accounting department of the food bank in advance to discuss charity receipts. If they have questions, they should call the CRA Charity Client Assistance line at 1-800-267-2384; they are a really good at answering any and all questions from both charities and potential donors.
They are in full agreement that donations of food are valid for deduction purposes. The following is the definition of 'Gift in Kind':
While it gives example of capital property and personal use property, those are merely examples. Food would be considered to be property other than cash. The following would be required for a receipt to be issued:
1) Qualified donee (food bank must be a registered charity)
2) Donee is willing to accept the donation
3) FMV can be readily determined.
1 and 2 are easy. For 3, the guide (P113) goes on about valuation methods but the agent made clear that for 'new' property a store issued receipt for the purchase of the property would be an entirely acceptable basis for valuation.
Charities are not required to issue receipts at all (See: http://www.cra-arc.gc.ca/chrts-gvng/.../rqss-eng.html), but there is nothing offside about them issuing one for the donation of food. You may wish to speak with the accounting department of the food bank in advance to discuss charity receipts. If they have questions, they should call the CRA Charity Client Assistance line at 1-800-267-2384; they are a really good at answering any and all questions from both charities and potential donors.
Wow, thanks rehoult! I have been working with Daily Bread Food Bank for the last 2 days, and they said they could pick up the KD. I offered to give them a $2000 cash donation, and sell them my KD for $1800. They would net $200 for their paperwork troubles, and 1051 boxes of KD. However, they said they could not give me a receipt!
I just got off the phone with the Markham Food Bank, and the lady I spoke to said she could give me a receipt for "property received" and the value. She said she would check with their accountant to see if they could do it my way (since I hadn't read your post at that point), so it looks like this may happen!
I owe you a few beers!
I just got off the phone with the Markham Food Bank, and the lady I spoke to said she could give me a receipt for "property received" and the value. She said she would check with their accountant to see if they could do it my way (since I hadn't read your post at that point), so it looks like this may happen!
I owe you a few beers!
Just got a call back. Markham Food Bank will give me a receipt for $1978.49 (which is the value of my 1051 boxes) as long as I give them my Sobeys receipts. And they will come pick up my boxes tomorrow! ^ ^ ^
I will include a cash donation as well because they've been so helpful.
I will include a cash donation as well because they've been so helpful.
The key is the Sobey receipts.. that is the proof you paid for value that can be demonstrated with CRA.. Producing the receipts as I mentioned is irrefutable proof to CRA.
Fortunately, CRA does not have a rule regarding FFP point values received in the transaction.. so legally, it does not have to be deducted off of the value of the macaroni..
Nov 2, 2011, 7:07 am
#78
FlyerTalk Evangelist
Join Date: Jun 2007
Location: Toronto
Programs: UA 1K, AC MM E75, Marriott LT Ti, IHG Dia Amb, Hyatt Glob
Posts: 15,521
Posted Oct 24:
Posted Oct 29:
Ancient Maestro , you want to take credit for parrotting what DaveTO suggested 5 days earlier? You're too much. 
I know, you were just post padding, AGAIN!
I'm getting kind of tired myself. I saw a manager grab 3 other stockguys and they grabbed about 100 boxes off the shelf and put them in the back room. I guess my mug shot has been passed around the west-end Sobeys stores
The important thing to remember is that yes, the tax receipt would be nice, but we are giving thousands of people meals that they wouldn't be having.
MG, if push comes to shove, get someone there to give you a receipt that says you donated x number of boxes of KD, keep the Sobeys receipts, claim the donation on your tax return and fight it out IF you get audited.
The important thing to remember is that yes, the tax receipt would be nice, but we are giving thousands of people meals that they wouldn't be having.
MG, if push comes to shove, get someone there to give you a receipt that says you donated x number of boxes of KD, keep the Sobeys receipts, claim the donation on your tax return and fight it out IF you get audited.
Posted Oct 29:
Cost of time, cost of gas.. should be factored in..
But liquidity of AE miles is very good..
I doubt that Food Banks will issue a tax receipt for donated goods.. but I recommend Margarita Girl and others to produce a receipt evidencing cost, and see if the charity accountant will do something..
Congrats, to those who made an event out of this novelty deal.
But liquidity of AE miles is very good..
I doubt that Food Banks will issue a tax receipt for donated goods.. but I recommend Margarita Girl and others to produce a receipt evidencing cost, and see if the charity accountant will do something..
Congrats, to those who made an event out of this novelty deal.
I know, you were just post padding, AGAIN!
Last edited by margarita girl; Nov 2, 2011 at 7:45 am
Nov 2, 2011, 3:02 pm
#79
Original Poster
Join Date: Jun 2009
Location: YYZ
Programs: AC E; Marriott Platinum
Posts: 2,409
Nov 2, 2011, 3:24 pm
#80
Join Date: May 2007
Location: YYZ, but my heart is in Asia
Programs: AC-SE, CX-DM, DL-G, Hyatt-DM, Hilton-DM, Fairmont-Plt, Marriott-S, Accor-Plt, SPG-G, IHG-Plt
Posts: 4,396
Nov 2, 2011, 7:30 pm
#81
Suspended
Join Date: Jan 2010
Location: Calgary, Alberta
Programs: Hyatt Diamond, Fairmont Platinum, Aeroplan Diamond, HHonors Gold, SPG Gold
Posts: 18,686
You've benefitted from my recommendation to call a charity and show evidence via a receipt. That's how it works..
Nov 2, 2011, 9:12 pm
#82
Join Date: Oct 2008
Location: YYC
Posts: 4,035
It was me that suggested to keep the receipts to evidence actual value to Revenue Canada.. I make tens of thousands of donations each year.. conducted corporate asset rollovers and understand tax law a bit..
You've benefitted from my recommendation to call a charity and show evidence via a receipt. That's how it works..
You've benefitted from my recommendation to call a charity and show evidence via a receipt. That's how it works..
Nov 2, 2011, 11:30 pm
#83
Suspended
Join Date: Jan 2010
Location: Calgary, Alberta
Programs: Hyatt Diamond, Fairmont Platinum, Aeroplan Diamond, HHonors Gold, SPG Gold
Posts: 18,686
True, but nothing else matters without the official receipt from the Charity. They can sign an acknowledgement that you gave them $10,000,000 in cash, but you still can't claim a cent unless they also give you an official donation receipt. It's a point made abundantly clear by the CRA. They even point out in their communications to charities that donors can not benefit from the tax credit if the charities do not issue proper receipts, so they should understand that while not issuing receipt may save them overhead, they may lose potential donors.
The point I'm making is that the charity will not issue a charitable tax receipt that's accepted by CRA, without receipts.. The charity requires actual receipts photocopied, and maybe the originals, in order to pass Revenue Canada audit use of proper GAAP procedures. Any charity not following proper procedure may stand to lose their charitable status..
No food bank will accept a donation and remit a CRA accepted tax receipt without irrefutable proof of value.. Receipt from Sobey's by MG is the irrefutable proof the charity needs..
Nov 3, 2011, 7:34 pm
#86
Suspended
Join Date: Jan 2010
Location: Calgary, Alberta
Programs: Hyatt Diamond, Fairmont Platinum, Aeroplan Diamond, HHonors Gold, SPG Gold
Posts: 18,686
Originally Posted by DaveTO
I'm getting kind of tired myself. I saw a manager grab 3 other stockguys and they grabbed about 100 boxes off the shelf and put them in the back room. I guess my mug shot has been passed around the west-end Sobeys stores
The important thing to remember is that yes, the tax receipt would be nice, but we are giving thousands of people meals that they wouldn't be having.
MG, if push comes to shove, get someone there to give you a receipt that says you donated x number of boxes of KD, keep the Sobeys receipts, claim the donation on your tax return and fight it out IF you get audited.
I'm getting kind of tired myself. I saw a manager grab 3 other stockguys and they grabbed about 100 boxes off the shelf and put them in the back room. I guess my mug shot has been passed around the west-end Sobeys stores
The important thing to remember is that yes, the tax receipt would be nice, but we are giving thousands of people meals that they wouldn't be having.
MG, if push comes to shove, get someone there to give you a receipt that says you donated x number of boxes of KD, keep the Sobeys receipts, claim the donation on your tax return and fight it out IF you get audited.
COMPLETELY DIFFERENT FROM WHAT DAVETO HAS SAID IN HIS QUOTE..
Is there a chartered accountant here on FT.. I think MG girl here is still confused..
Last edited by Ancien Maestro; Nov 3, 2011 at 7:40 pm
Nov 11, 2011, 8:38 am
#87
Join Date: Oct 2011
Location: YOW
Programs: AC Irrelevant, IHG Platinum, Marriot Gold, Hertz Gold, Avis First
Posts: 273
Can anybody confirm how much these chocolates cost? Special in this week's flyer.
NESTLÉ QUALITY STREET CHOCOLATE
725 g BUY 1 GET 1200 CLUB SOBEYS BONUS POINTS
NESTLÉ QUALITY STREET CHOCOLATE
725 g BUY 1 GET 1200 CLUB SOBEYS BONUS POINTS
Nov 11, 2011, 10:14 am
#88
Join Date: Dec 2007
Location: Body in Downtown YYZ, heart and mind elsewhere
Programs: UA 50K, refugee from AC E50K, Marriott Lifetime Plat
Posts: 5,132
I called my local Sobeys and they haven't received any yet! The guy I talked to thinks they usually cost about $12.