Apex Appraisal Inc. - Produits
Capital Gains Calculation (CRA) Appraisal
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The sale of your principal residence is generally exempt from capital gains taxation. The sale of an income producing property, however, is subject to capital gains taxation. To calculate the capital gain and applicable taxes once the property is sold, the Canada Revenue Agency (CRA) requires evidence of the property's value at the time you started using it as an income property. When you purchase an income property, this calculation is fairly straightforward since the purchase price typically serves as the starting value. However, if your principal residence has been converted to an income property, evidence is required of the property's value at the time of this conversion. The best evidence of this value is a formal appraisal completed by a member of the Appraisal Institute of Canada (AIC). And, a formal appraisal by a designated appraiser is typically the only type of valuation document accepted by government entities and the court system. Hiring Apex Appraisal will ensure a fair, unbiased valuation of your home. You will be provided with a detailed written report complete with a full description of the property and a clear explanation of the valuation analysis and conclusion. Ideally, you will obtain a current market value appraisal at the time of the property's conversion from your principal residence to an income property. If you converted the property some time ago, you will need a retrospective appraisal of the property's value at the time of conversion. Your accountant should advise you of the appropriate valuation date(s). For retrospective appraisals, it is essential that the appraiser has access to detailed and accurate information about the condition of the property as of the retrospective date.