Professional Appraisal Services
We offer a professional valuation of personal property service. Our expertise is in compliance with the standards established by USPAP (Uniform Standards of Professional Appraisal Practice) and we are a member in good standing of the Canadian Personal Property Appraiser Group (CPPAG).
We also follow the guidelines for certification of cultural property for purposes of the Income Tax Act by the Canadian Commission review of exports of cultural goods, the Department of Canadian Heritage.
The assessor is an expert in assigning a value to an object based on a proper inspection, knowledge and a thorough research about comparable properties that have been sold in the most similar conditions possible.
Our service includes a clear appraisal report with values justified.
Many situations may require an accredited appraiser, including:
If you are a collector, an insurance professional, director of properties, a financial planner, a registered charity or a museum, our written evaluations are very informative to make informed decisions.
Give the values of objects connected to the tax report. Assist the planning and/or distribution of effects.
Determine the fair distribution in a bankruptcy, dissolution of a company, an estate or a divorce.
Claims, losses or damages (insurance)
Determine the actual cash or replacement value, as the case of lost or damaged goods. Facilitate the settlement of a claim to insurance companies.
Exemption from taxes and contributions to charity
Calculate the deduction of income tax related to a donation to a charitable organization or institution.
Succession planning, the tax return and equitable distribution (divorce and distribution of assets)
The distribution of assets in case of bankruptcy or dissolution of a business requires a fair market value.
In the case of an estate, fair market value is used to determine the tax value of the estate and to assist in equitable distribution.
In situations involving the dissolution of a company or bankruptcy and the sale of assets is required, an assessment of the fair market value may be required to determine the income tax. The income tax is levied on the income obtained from the sale of an asset higher than the previous purchase price.
According to the Department of Canadian Heritage, the document “Certification of Cultural Property for the purposes of income tax by the Canadian Review Board Cultural Property Export” discloses the generally accepted meaning, and approved by the Revenue Agency Canada for the market Value Fair is “the highest price, expressed in money, that the property would bring on the open market, in a transaction between a seller and a willing buyer would be independent of the other and would act knowingly.”
Liquidation and refinancing
Depending on the situation, other types of evaluations may be more appropriate and have different values depending on a particular situation.
The values assigned to assets differ in the case of an ordered or forced liquidation or if it is the value of items already in place, depending on the type of business, the current market and many other factors.
We also offer a full inventory appraisal service.
Our written evaluations are typically used for insurance, estate planning, donation and for the current market value. They meet the requirements of private collectors, asset managers, lawyers, public institutions and corporations. They are prepared in accordance with standards of USPAP and to government standards.
It is advantageous to have an appraisal done in the case of insurance coverage, filing a claim or for shipment or removal of goods. In this way, the set value of the property in question avoids inappropriate insurance coverage or incomplete reimbursement for loss or damage of property.
When you donate to a registered charity, you can get a tax credit up to 75 % of the fair market value of the donation. If the deduction is greater than $ 1,000, you must provide this type of appraisal to Canada Revenue Agency. The income tax must be paid on the difference between the present value and the price at the time of purchase.
Certified cultural property
Donations of certified cultural property provide the most interesting tax benefits. They involve a tax exemption on capital gains realized on the disposition of cultural property. You can claim up to 100% of your net donation. A fair market value appraisal is required if the donation is equal to or less than $ 20,000.
If the value is greater, you must provide two evaluations, prepared independently from each other. Appraisals must meet the format guidelines established by the Department of Canadian Heritage and the Canadian Commission review of export of cultural goods.
Regardless of whether the cultural property is certified or not, an assessment of fair market value will be required for gifts of a value equal to or greater than $ 1,000.
For more information about our appraisal services or for a free consultation : contact us.