M&G Appraisals

Donation

The Canadian government makes it advantageous for
citizens to donate art and
artifacts to federal and provincial governments, museums and galleries, certain institutions and registered charities.”

Our experts are duly qualified to render the proper "self-contained" appraisals for the purpose of donation. Determining fair market value (FMV) for donation is not a simple process. You must consider numerous facts regarding the property.

You may need to get one or more appraisals to establish the Fair Market Value of the property you are donating depending on the value of the item(s). The eligible amount is used to calculate the tax credit you can claim on your return. The appraised FMV is also used in the calculation of any capital gain or loss you may have from donating your property.

Who should appraise a gift?

For every situation, whether the property is personal property, real property, or intangible property, donors and qualified donees are encouraged to contact a professional appraiser, valuator, or other individual who is accredited in the field of valuation. That individual should be knowledgeable about the principles, theories, and procedures of the applicable valuation discipline and follow the Uniform Standards of Professional Appraisal Practice and the standards of the profession. Also, he or she should be knowledgeable about and active in the marketplace for the specific property.

The chosen individual should be independent. For instance, he or she should not be associated with the donor, the qualified donee, or another party associated with the purchase, sale, or donation of the property.

The individual should also be knowledgeable about the elements of a properly prepared and credible valuation report.