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Frequently Asked Questions & Answers
 

Question What is the maximum I can donate in a fiscal year?
Answer   There is no maximum limit.
     
Question Is there a difference in the value of anti-retroviral drugs donated and the listed dollar value of the donation receipt?
Answer   No. The donation receipt will be made out for the full value of donation
     
Question Why is there a minimum donation?
Answer   The minimum donation, though it fluctuates, averages $6,700. That amount buys enough drugs to treat one person for approximately one full year.
     
Question How much should I contribute?
Answer   This is a personal decision based on a number of factors. COIP advises donors to give as much as they feel comfortable. Please contact a COIP agent to calculate an optimal donation.
     
Question Can I donate the AIDS drugs I purchase to a charity of my choice?
Answer   No. In order for COIP to maintain the integrity of its program it only works with charities that have been thoroughly scrutinized and have passed an extensive process of due diligence. COIP has based all legal opinions relating to the donation program on working with the specific charities that have been selected for meeting the highest standards of operational effectiveness.
     
Question How do I qualify to receive credit terms from COIP?
Answer   Any person with a Canadian Social Insurance Number is eligible to receive credit terms from COIP for the purchase of anti-retroviral AIDS drugs for donation. To receive those credit terms, donors are required to prepay the interest on the loan.
     
Question What will be the amount of my tax credit?
Answer   The amount you can credit for any given tax year will be the highest marginal tax rate for your province (See: Click here to request a COIP Donation Schedule) multiplied by your donation receipt.
     
Question Why should I contribute early in the year (rather than at year end)?
Answer   The earlier you donate, the faster you will be helping Africans infected with AIDS. As well, COIP interest rates increase as the year progresses. With lower interest rates, donors can expect a higher immediate “cash on cash” return from their donation. Lower interest rates also mean donors have more purchasing power for buying AIDS drugs, increasing the charitable benefits of their donation.*

* Does not include the after tax effect of repayment of loan
     
Question How much of my COIP donation ends up in the hands of African’s suffering from HIV/AIDS?
Answer   One hundred percent. This is one of the major advantages of working through COIP. All AIDS drugs purchased from COIP are donated to registered charities that have established distribution networks to directly deliver those drugs in Africa.
     
Question What is “Fair Market Value”?
Answer   Canadian tax courts have accepted the following definition of fair market value: ”Fair market value of an asset for tax purposes has been defined as the highest price that it might reasonably be expected to bring if sold by the owner in the normal method applicable to the asset in question, in the ordinary course of business in a market not exposed to any undue stresses and composed of willing buyers and sellers dealing at arms length and under no compulsion to buy or sell.”**

** “Gifts and Income Tax,” Canada Revenue Agency. Ref: P113(E) Rev. 05. Pg. 18

Note: Potential Program participants should consult with their own advisors in respect of the legal and tax consequences of participating, and should carefully review all documents associated with the COIP program. COIP recommends filing your tax return in hardcopy with all original receipts rather than e-filing.
     
Question How do I report this transaction on my tax return?
Answer   As a program donor, you will be sent all the required documentation as well as instructions recommending how to report your donation(s) on your personal income tax return.
     
Question I think COIP is providing an invaluable service to Canadians and to Africans suffering from AIDS. How can I best introduce COIP to my friends and family?
Answer   COIP is always happy to mail or email out information and other literature to donors looking to spread the word about COIP. We advise you to contact your registered COIP agent for help explaining the COIP donation program and how we reward your philanthropy. Also, feel free to contact us at info@coip.name.
     

 

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