Professional Assessment Services
Who are our services for?
If you are a collector, insurance professional, property administrator, financial planner, registered charity or museum, our written assessments are highly informative for making informed decisions.
Benefit from the expertise of Quebec Auctions
We offer a professional personal property valuation 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 Propoerty Appraiser Group (CPPAG).
We also follow the guidelines for certifying cultural property for income tax purposes by the Canadian Cultural Property Export Review Board of the Department of Canadian Heritage.
The appraiser is an expert in assigning value to an object based on proper inspection, knowledge and extensive research into comparable goods that have been sold under the most similar conditions possible.
Our service includes a clear evaluation report accompanied by justified values.
What situations require the services of an accredited assessor?
Succession
Give the values of the objects for the related tax return. Assist in the planning and/or distribution of effects.
Equitable distribution
Assist in the equitable distribution of a bankruptcy, dissolution of a business, succession or divorce.
Claim, loss or damage (insurance)
Determine the replacement or replacement value, as the case may be, of lost or damaged property. Facilitate the settlement of the claim with insurance companies.
Tax exemption and charitable contributions
Calculate the income tax deduction related to a donation to an organization or institution.
Estate planning, tax reporting and fair distribution (divorce and distribution of property)
The distribution of assets in the event of a bankruptcy or dissolution of a business requires a valuation of fair market value.
In the case of an estate, a fair market value assessment is used to determine estate administration taxes and assist in the division of estate.
In situations involving the dissolution of a business or bankruptcy and where the sale of assets is required, a fair market value assessment may be required to determine income tax. Income tax is levied on the profit obtained on the sale of an asset at a higher price than that of the previous acquisition.
According to the Department of Canadian Heritage, the document “Certification of Cultural Property for Income Tax Purposes by the Canadian Cultural Property Export Review Board” discloses the generally accepted meaning, approved by the Canada Revenue Agency, for the Fair Market Value is: “The highest price, expressed in cash, that a good would yield on the open market, in a transaction between a willing seller and buyer who would be independent of each other and who would act with full knowledge of the facts. »
Written evaluations
Our written assessments are typically used for insurance, estate planning, donation and current market valuation. They meet the requirements of private collectors, asset managers, lawyers, public institutions and corporations. They are prepared in accordance with USPAP standards as well as new government standards.
Insurance
It is advantageous to hold an appraisal in the case of insurance coverage, filing a claim or for shipping or moving property. In this way, the fixed value of the property in question will avoid an overload of the insurance rate or an incomplete reimbursement for the loss or damage of the property.
Charitable donation
When you donate to a registered charity, you can get a tax credit of up to 75% of the fair market value of the gift. If the deduction is greater than $1000, you must provide this type of assessment to the Canada Revenue Agency. Taxes on profits must be paid on the difference between the present value and the price at the time of purchase.
Donation of certified cultural property
Donations of certified cultural property bring the most interesting tax advantages. They imply an exemption from tax on capital gains realized on the disposal of cultural property. You can claim up to 100% off your net income. Only one assessment of fair market value is required if the gift is equal to or less than $20,000.
If the value is higher, you will need to provide two evaluations, prepared independently of the other. Assessments must follow the format guidelines established by the Department of Canadian Heritage – Canadian Cultural Property Export Review Board.
If the cultural property is not certified, the donation is considered a regular gift and you will receive an official donation receipt based on fair market value. However, you will not receive the same tax benefits as a certified cultural property.
Regardless of whether the cultural property is certified or not, a fair market value assessment will be required for gifts with a value equal to or greater than $1,000.