Fair Market Value

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 terms of money, that a 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.

Donors or vendors of cultural property who are not satisfied with the fair market value determined by the Canadian Cultural Property Export Review Board may submit a written request for a redetermination within twelve months of the date of the decision letter.

Redetermination requests

The Review Board will not consider a request to redetermine fair market value more than once, unless the circumstances of a particular case require otherwise.

Redetermination requests are processed by the Secretariat to the Review Board. For more information about the redetermination process, please contact the Secretariat to the Canadian Cultural Property Export Review Board.

Supplementary information

Although not required to do so, applicants are strongly encouraged to submit supplementary information in support of any redetermination request.

Submission deadlines

The Review Board meets four times per year. New certification applications, requests for redetermination, and additional information for applications on hold are all subject to the same submission deadline. See the meetings dates and deadlines for the Review Board for more information on when to submit an application.

Decision timelines

Unless the circumstances of a particular case require otherwise, the Review Board will consider a redetermination request within four months of receiving it.

Review Board decisions will be communicated to applicants as soon as possible, typically within four weeks of the meeting where the redetermination request was considered.

Appeals to the Tax Court of Canada

Donors or vendors who are not satisfied with a redetermination of fair market value made by the Review Board may file an appeal with the Tax Court of Canada within 90 days of the day on which the Cultural Property Income Tax Certificate was issued.

Date of last modification: