Big Brothers Big Sisters of Saskatchewan
Big Brothers Big Sisters of Saskatchewan is fortunate to receive contributions and support in many forms every year. We are a registered entity and must adhere to Canada Revenue Agency (CRA) regulations regarding the issuance of all receipts. Tax-deductible receipts are issued to donors who make gifts to charities. A gift is a transfer of cash, where the donor receives no benefit in return.
Big Brothers Big Sisters of Saskatchewan can issue income tax receipts under the following conditions:
Tax-deductible receipts will be issued for an amount equal to the amount of cash received by Big Brothers Big Sister of Saskatchewan. If net proceeds are provided, tax-deductible receipts will not be issued for the gross amount.
Tax-deductible receipts will be issued for the purchase of an auction item ONLY if the bid amount exceeds the fair market value of the item by 20%. The amount of the receipt is equal to the difference between the bid amount and the value of the item.
Big Brothers Big Sisters of Saskatchewan cannot issue tax receipts under the following conditions:
Purchases of raffle tickets, admission tickets, event sponsorship and goods not eligible for a tax-deductible receipt. This is because tax-deductible receipts can only be issued to those who have not received a benefit in consideration of their support.
The agency cannot issue tax-deductible receipts for donated services including hiring someone or something to support an event. Both cash sponsorship and in-kind sponsorship are not receipted. Under CRA regulations, sponsors cannot receive a tax-deductible receipt, as they are receiving benefits of commercial value for their sponsorship fee. Sponsors can deduct their sponsorship as a legitimate business expense.