Fair Market Value

Summary Policy

Date
October 25, 2002

Reference number
CSP-F02

Key words

Fair market value

Policy statement

Fair market value generally means the highest price, expressed in dollars, 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.

References

• Policy Commentary CPC-006, Fair Market Value of Donated Item and Taxes
• Pamphlet P113, Gifts and Income Tax
• Interpretation Bulletin IT-297, Gifts in Kind to Charity and Others
• Interpretation Bulletin IT-110, Gifts and Official Donation Receipts
• Registered Charities Newsletter, Issue No. 24

Date modified:

2004-10-14