Capital Gains & CRA Fair Market Value Appraisals
A capital gains appraisal is an independent opinion of a property’s fair market value on a specific date, used to report a change in use, a deemed disposition, a non-arm’s-length transfer or the sale of a rental or second property to the CRA. Riverbend’s CRA, P.App. designated appraisers prepare CUSPAP-compliant reports, often as of a past date, for owners, executors and their accountants across Southwestern Ontario.
A defensible value for the date that matters to the CRA
Independent, CRA-ready valuations for owners, executors and their accountants.
Capital gains are measured from a starting value to an ending value, and the CRA expects both to reflect fair market value on the right dates. When a property changes use, passes to the next generation or changes hands within a family, there is usually no sale price to rely on. That is where an independent appraisal comes in.
We prepare CUSPAP-compliant appraisals as of the date your accountant specifies, today or years in the past, and document the comparable sales and market conditions that support the value. Your accountant then applies the tax rules with a number that will stand up to review.
Proudly serving London, Middlesex County, St. Thomas, Elgin County, Oxford County, and the surrounding Southwestern Ontario region.
When you need one
- A change in use: your home becomes a rental, or a rental becomes your home
- A deemed disposition at death, reported on the final return
- Gifting or selling a property to a family member
- Selling a rental, cottage or second property
- Establishing the cost of a property you received by gift or inheritance
- Becoming a non-resident while keeping a Canadian property, for your accountant’s planning
What the report includes
- Fair market value as of the effective date, stated clearly
- An inspection, or a documented approach for a past date
- Comparable sales and market conditions at that date
- Adjustments explained for your accountant
- The appraiser’s signed certification under CUSPAP
Why Riverbend
- Experienced with retrospective valuations
- Independent: no stake in the value
- Reports signed by CRA, P.App. designated appraisers
- We work directly with your accountant
- Multiple properties coordinated in one engagement
Which sales count depends on the date
An appraisal is valued as of a specific date. Drag the date to see which comparable sales an appraiser relies on.
Current appraisal: today’s market
Each valuation date needs its own report. If you need both a past and a current value, we coordinate both in one engagement.
Signed, certified and ready to file
Every report is written for the people who will rely on it, states the effective date clearly, and is signed by a designated appraiser.
- Clear effective date and purpose
- Comparable sales with explained adjustments
- Photographs and inspection notes
- The appraiser’s signed CUSPAP certification
Appraisal report
Subject property
- Purpose
- Income tax: fair market value for CRA reporting
- Effective date
- Date of change in use (retrospective)
- Intended users
- Owner, accountant, CRA
- Standard
- CUSPAP
- Approach
- Direct comparison, with cost or income where applicable
Opinion of fair market value
Designated appraiser, CRA, P.App.
How a CRA appraisal works
Tell us the date
Share the address and the effective date your accountant needs, and why: change in use, death, transfer or sale.
Quote
We confirm the scope, including any additional properties or dates, and quote before any work begins.
Inspection and research
We inspect the property and research sales and market conditions as of the effective date.
Your signed report
You and your accountant receive a CUSPAP-compliant report ready for your filing.
Capital gains appraisal questions
What owners, executors and accountants ask us most.
When do I need a fair market value appraisal for the CRA?
Common situations include a change in use (a home becoming a rental, or a rental becoming your home), the deemed disposition of property at death, gifting or selling property to a family member, selling a rental or second property, and establishing the value of a property you received by gift or inheritance. Your accountant will confirm whether, and as of what date, a value is needed.
Can you appraise as of a past date?
Yes. Most capital gains work is retrospective: the date of a change in use, the date of death, or the date you acquired the property. We research comparable sales and market conditions as of that date.
What does fair market value mean?
Fair market value is generally the highest price a property would bring in an open and unrestricted market, between informed and prudent parties acting at arm’s length and under no compulsion to act. It is the standard the CRA uses.
Can my accountant use my MPAC assessment instead?
A property tax assessment is a mass-produced estimate used to calculate property taxes, valued as of a fixed base date. It is not an opinion of fair market value on the date your accountant needs, and it carries significantly less weight with the CRA than an independent appraisal.
Do you give tax advice?
No. We provide an independent, CUSPAP-compliant opinion of value. Your accountant or tax advisor applies the tax rules, including any elections or the principal residence exemption.
How much does a capital gains appraisal cost?
Every appraisal is quoted individually, because the scope depends on the property and how far back the effective date is. Send us the address and the date your accountant needs, and we will provide a quote before any work begins.
How long does it take?
Standard turnaround is 2 to 3 business days from the property inspection. Retrospective valuations requiring extensive historical research may take slightly longer. Rush delivery is available for urgent filing deadlines.
The right value, on the right date.
Send us the property address and the date your accountant needs. You will receive a quote before any work begins.
Other appraisal services
- Divorce & SeparationCourt-ready valuations of the matrimonial home, as of the date of separation or today.
- Estate & ProbateDate-of-death values for estate administration tax, executors and the final return.
- Capital Gains & CRAFair market value reports for change of use, deemed disposition and rental property sales.
- Mortgage & ResidentialLender-accepted appraisals for purchases, refinancing and private lending.
- Approved LendersThe banks, credit unions and lending platforms that accept our reports.
