Do you require an Appraisal? We can help!

When a loved one passes it can be necessary to put a value on the personal property in their estate so that proper estate taxes can be paid to the CRA. Per federal regulations, a Fair Market Retail Value is needed.

Such an Appraisal can be an invaluable way of protecting your possessions. Most homeowner’s policies only cover a certain minimal amount for household contents. At times of loss or damage, disputes may arise between the insurance company and the owner over the value of a particular item. An Appraisal by a competent appraiser reduces the likelihood of such a dispute. An Insurance Appraisal is completed using an item’s Replacement Value.

In divorce proceedings where there is difficulty dividing personal property, for sale of or where parties are unclear as to a property’s value an Appraisal is requested or ordered to make such valuations. Such appraisals are usually completed using Fair Market Retail or Liquidation Value.

Most donations to charity are tax deductible. For significant non-cash donations (i.e. those items worth $1K or more),the CRA requires an Appraisal confirming the value of the items donated. at Fair Market Value..

A Fair Market Retail Value Appraisal may be requested or required when selling or purchasing an item to determine a value based on a professional unbiased professional.

In cases where the value of personal property is required in when their is a legal dispute of when there is potential that the the value of the items will be contested in the future.