For additional appraisal information please contact
Ellie Muir firstname.lastname@example.org 416.847.6196
Waddingtons.ca has been providing quality appraisal services for over 160 years. Our appraisal professionals are internationally respected and cover a broad spectrum of disciplines. With Waddingtons.ca you will receive a comprehensive written appraisal with objective, justified values that can be prepared to ISA and Uniform Standards of Professional Appraisal Practice (USPAP) standards.
An appraisal is an informed opinion of the value of an object, based on an adequate inspection of the item, knowledge and research in to the value and recent selling prices of similar items, and the review of available documentation such as provenance and sales receipts.
There are many situations in which you may require an appraisal:
Whether you are a private collector, an insurance professional, an estate trustee, a financial planner, a registered charity or a museum, our written appraisals - whether simple valuations for sale or complex inventories - can provide you with the information you need to make informed decisions.
We can also provide verbal appraisals when circumstances warrant a more informal, lower cost approach.
Likewise, if you are considering consignment with Waddingtons.ca consider using our Online Appraisals service. You can send us descriptions and digital images of your valuables. A member of our team will contact you with our advice as to the market potential of your items. This is a complimentary service. Click here to access the Online Consultation Form.
Estate Planning, Tax Reporting & Equitable Distribution
The distribution of assets whether a result of a bankruptcy, the dissolution of an estate or business, requires a fair market value appraisal.
According to the Canada Revenue Agency the generally accepted meaning for Fair Market Value is “the highest price, expressed in terms of money, that the property would bring in an open and unrestricted market between a willing buyer and a willing seller who are both knowledgeable, informed and prudent, and who are acting independently of each other”.
In the case of an estate, a fair market value appraisal is used for the function of determining estate administration taxes and to assist in the division of property.
In situations involving the dissolution of a business or a bankruptcy, and the sale of assets is required, you may need to have a fair market value appraisal prepared to aid in determining any capital gains tax. Capital gains tax is levied on the profit realized when an asset is sold for a price greater than it was purchased for on an earlier date.
Whether you require an appraisal for insurance coverage, to file a loss claim, or because you are shipping or moving items and it is required by your mover, our insurance appraisals will minimize any risk of you not receiving the full value for your property, yet ensure you aren’t overpaying for coverage.
When you donate property to a registered charity, you qualify for a tax credit based on 75% of the fair market value of the property. If the deduction is $1000 or greater, you are required by Revenue Canada to have a fair market value appraisal. Capital gains taxes must be paid on the difference between the fair market value and the price at the time of purchase.
Certified Cultural Property
Certified cultural property donations bring the greatest tax benefits, as they are not subject to capital gains tax. You can claim the full 100% of the appraised fair market value. If the donation is $20,000 or less you will require one fair market value appraisal. If the value is greater than $20,000 you are required to submit two appraisals, prepared independently of each other. The appraisals must meet the format guidelines established by the Canadian Cultural Property Export Review Board.
Certified Cultural Property is described by Revenue Canada as a property of outstanding significance and national importance to Canada, for which the Canadian Cultural Property Export Review Board has issued a certificate.
If the cultural property is not certified, the donation is considered a regular gift in kind and you will receive an official donation receipt based on the fair market value however you will not receive the same tax advantages as a certified cultural property.
Regardless of whether the cultural property is certified or not, you will require a fair market value appraisal for gifts $1000 or greater in value.
Why use Waddingtons.ca?
Waddingtons.ca appraisal professionals are knowledgeable about the principles, theories and procedures of the applicable valuation discipline and follow the Uniform Standards of Professional Appraisal Practice as recommended by Revenue Canada.
With Waddingtons.ca you benefit from 160 years of appraisal experience.