HERE'S HOW IT WORKS...
If you have a recent, objective statement, such as a marine survey, of the boat’s actual value (CRA requires such a statement), then, as a registered charity under the Canadian Income Tax Act, Wellington Rescue can offer you an income tax deductible receipt for the full value of your boat. You must assure WARA that, to the best of your knowledge and belief;
Wellington Rescue will request that you sign a “Confirmation of Donation” form, listing the boat and any significant equipment. This is, in essence, a transfer of ownership to WARA. When ownership is transferred and we take possession of the boat under an agreed arrangement, you will be provided with the income tax deductible receipt, the FULL value of which may vary depending on tax status.
You should consult a professional to determine the value of the tax credit.
- You have owned the vessel for more than three years,
- There is no structural damage to the boat, and
- On-board systems, including engine(s) if applicable, are in reasonable operating condition.
Wellington Rescue will request that you sign a “Confirmation of Donation” form, listing the boat and any significant equipment. This is, in essence, a transfer of ownership to WARA. When ownership is transferred and we take possession of the boat under an agreed arrangement, you will be provided with the income tax deductible receipt, the FULL value of which may vary depending on tax status.
You should consult a professional to determine the value of the tax credit.