Fair market value - Certification of cultural property

The Review Board makes determinations of fair market value for the purposes of subparagraph 39(1)(a)(i.1) or paragraph 110(1)(b.1) of the Income Tax Act, which establishes the additional tax benefits for which donors or vendors of certified cultural property are eligible.

To assist the Review Board in determining the fair market value of cultural property, all applications for certification of objects being donated to designated institutions/public authorities must include substantiated monetary appraisals.

The Canada Revenue Agency defines fair market value as:

The highest price, expressed in dollars, that 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.

Determinations of fair market value are based on market evidence and intended to reflect market conditions at the time the property is donated or sold to the designated organization.

Donors or vendors who are not satisfied with a Review Board determination of fair market value may request a Review Board redetermination.

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