Real Estate Appraisals for Taxation
Has the use of your property changed?
Have you gifted or transferred property outside of its market value?
Have you gifted or transferred property outside of its market value?
If the use of your property has changed from your Principal Residence to an investment or from an investment to your Principal Residence, you will have a deemed disposition. In these instances, the CRA requires you to obtain an appraisal to determine the cost base or the proceeds of disposition that are subject to capital gains taxes.
Have you gifted or transferred property outside of its market value?
Have you gifted or transferred property outside of its market value?
Have you gifted or transferred property outside of its market value?
If you gifted an investment property to someone, you'll need an appraisal to determine your proceeds of disposition for capital gains taxation. If you were gifted a property that will not be your Principal Residence, be sure to obtain an appraisal to determine the cost base for future capital gains taxation. For properties that are partially gifted at a price below or above actual market value, obtain an appraisal to avoid scrutiny from the CRA.
Tax Planning
Retrospective Valuations for Taxation
Retrospective Valuations for Taxation
If you have transferred property to a corporation or trust, the resulting deemed disposition may create a tax liability. Talk to your tax advisor to determine when a real estate appraisal is required. Be sure to let us know about your particular situation and needs.
Retrospective Valuations for Taxation
Retrospective Valuations for Taxation
Retrospective Valuations for Taxation
Appraisals for taxation usually require a retrospective valuation date that matches the date of deemed disposition. As appraisers, we'll do this by evaluating historical market data from the retrospective time period.
Underused Housing Tax
The Underused Housing Tax (UHT) will be levied on the higher of your property's assessment value or most recent sales price as of December 31 of the prior year. However, market conditions change quickly and your property's last sale price may no longer be relevant. For properties subject to the UHT, electing to use fair market value and obtaining a professional appraisal may save thousands in taxes.