• A receipt can be issued to the donor for the fair market value of the item at the time it is donated to the charity.
        • The donated item may be subject to the deemed fair market value rule.
        • If the fair market value of the donated item cannot be established, you cannot issue a receipt.
        • The fair market value of the item must be established and made known to all bidders in advance of the auction, or you cannot issue a receipt.
        • The winning bid must meet the intention to make a gift threshold (the posted value of the item cannot exceed 80% of the winning bid).  
        • Fair market value is usually the highest dollar value you can get for your property in an open and unrestricted market and between a willing buyer and a willing seller who are knowledgeable, informed, and acting independently of each other.
        • Click here for CRA explanation of What is deemed fair market value
        A bike is donated to a charity for an auction. The fair market value of the bike at the time of donation is $400. The fair market value of the bike is posted at the auction. The winning bid for the bike at the auction is $550.

        Calculation of eligible amount
      • Winning bid (the gift)       $550
      • Less advantage of Bike   $400
      • Total advantage                $400      
      • Eligible amount                 $150                                                                                                                                         
      • The amount of the advantage is $400 and a receipt may be issued to the winning bidder for the eligible amount of $150.
      • The fair market value of $400 for the bike was established at the time it was donated, and a receipt may be issued to the donor for $400.
      • Your Auction Bids Works Really Easy

        1. Choose your item to bid on

        After you register and/ or login proceed to the Silent Auction section and start bidding on your item

        2. Add your item to your basket

        When the auction ends and you are the winner Click on My Account at the top of the page and then Auction and then click Add To Cart

        3. Checkout and Pay

        Click on the Basket/ Cart icon at the top corner of the page and proceed to Checkout to complete processing your payment.

        4. Receive Confirmation

        You will receive by email confirmation and invoices. Afterwards please email t fundraising@londonmosque.ca to arrange for pick-up of items.