AUCTION TAX INFORMATION
Official income tax receipts for auction packages will be issued when the winning bid satisfies the “intention to make a gift threshold” criteria, where fair market value of the auction package is less than 80% of the winning bid price, as set out by the Canada Revenue Agency. Winning bids eligible for official income tax receipts will be issued at winning bid price less the fair market value of auction package. Fair market values of each auction package is indicated in the program and on the Vancouver Opera website. Vancouver Opera Association is required to collect BC PST on goods sold and 10% PST on any liquor auction packages and on liquor bundled with other goods in auction packages.