Thank you all for coming this morning.
Mr. Legge, in your brief, you propose “[...] the elimination of capital gains on donations of real estate to registered charities that provide perpetually affordable housing [...]”. That is an issue I am concerned about for my riding, in Montreal. For starters, I would like to ask a somewhat technical question to gain a better understanding of the mechanics of your proposal.
Presently, if I donate land to an organization to build affordable housing, is it the market value of the land that will be considered? Technically, if I donate my land, it should not be a capital gain, but rather a capital loss. Am I to understand that at present, for tax purposes, the market value of this land is considered?