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Revising the fair market value of a property for tax purposes - MoneySense

Summary by MoneySense
Ask MoneySense I have a query about fair market value. When I moved to Canada in 2011, I recorded a fair market value for my property in London, England. This valuation was done by a realtor and was used to claim CCA allowances on my income tax while I was renting it out. Now that I am planning to sell the property and generate a capital gain versus the fair value of property as of 2011, can I get a more precise professional valuation of the pro…
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Revising the fair market value of a property for tax purposes - MoneySense

Ask MoneySense I have a query about fair market value. When I moved to Canada in 2011, I recorded a fair market value for my property in London, England. This valuation was done by a realtor and was used to claim CCA allowances on my income tax while I was renting it out. Now that I am planning to sell the property and generate a capital gain versus the fair value of property as of 2011, can I get a more precise professional valuation of the pro…

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MoneySense broke the news in on Monday, March 31, 2025.
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