AppraisalOntario.com Top Reasons Why You Need an Accredited Canadian Personal Property Appraisal
Appraisal Ontario CPPA

appraisal ontario CPPA

 

 
 


Reasons Why You Need an Personal Property Appraisal


ESTATE PROBATE :
  • Probate - Proof of Wills
    Equitable Distribution of Assets

FMV - Fair Market Value for Sale to 3rd Party


Many clients are unaware that the Personal Property of an Estate must be inventoried and valued during the Probate process. This requires the services of a Certified and Accredited Personal Property Appraiser who must provide a value of the Estate's contents as of the date of the Descendants' Death.

If this is not done in a timely fashion, the Estate may be rejected by the Ontario Court System. We are experienced in providing legal Appraisals for the purposes of Estate Settlement and Probate and can assist you or your personal representative in their obligations involving Federal tax liability.


FINANCIAL :

  • Banks/Credit Unions - Loan Purposes (Small Business Development Lending)

  • Banks/Credit Unions - to evaluate equity position

  • Accountants/Receivers - to assist in business valuations

  • Financial Advisors - assist in Estate planning (valuation of collectable's)

    International Financial Reporting Standards | IFRS


Public and private corporations; financial institutions, receivers and trustees in bankruptcy: rely on our experienced Appraisals to accurately value assets for financing; disposals, insurance, merger and acquisition purposes. They expect and always receive Professional and Reliable Appraisals. Assets can include machinery, equipment, consumer products, industrial inventories, as well as anything that is not 'Real Property', meaning we do not conduct Land and or Building Appraisals.


 

DIVORCE :
  • Dispute over value of Marital assets
  • Equalization of Separation
  • Expert witness in court when there are disputes on value


Starting a Divorce Claim in Ontario Provincial Court, or Superior Court - preparing and managing a Divorce can be a complicated and difficult procedure. In Ontario, but each spouse is often entitled to some portion of all matrimonial property. The term is known as Equalization or the distribution of marital assets, requires a careful description and valuation of Vehicles, Boats, Furniture, Accessories, Jewelry, Antiques and other household items.

We can help by providing a detailed and descriptive inventory to accurately Appraise all of your commonly held Personal Property. Your Divorce Lawyer will receive a thorough, objective report that meets the standards and guidelines of USPAP (uniform standards of professional appraisals practice), or that satisfies the requirements of Ontario Court ordered equitable Distribution / Equalization.


 

BANKRUPTCY:

  • Receiverships (for secured and non secured creditors)

  • Trustees (personal/ business)

A trustee in bankruptcy (trustee) in Ontario is responsible for administering the affairs of the bankrupt estate. This involves, inter alia, preparing an inventory of existing assets, releasing assets to the secured creditors, gathering and liquidating existing assets, reviewing claims to the assets, and paying dividends to creditors in accordance with the scheme of distribution in Section 136 of the BIA (Bankruptcy and Insolvency Act).

 

The federal Bankruptcy and Insolvency Act (BIA) and Companies' Creditors Arrangements Act (CCAA) are administered by the Office of the Superintendent of Bankruptcy (OSB) and the Courts respectively.

 

AppraisalOntario.com can provide Certified Canadian Personal Property Appraisals for Ontario TRUSTEES and for Individuals and or companies that have or considered filing for Bankruptcy in Ontario Canada. We are not Trustees, please contact your lawyer or Trustee for more information and direction.


INSURANCE CLAIM:

  • Pre-Loss - for endorsements or riders
After Loss - value after a claim
  • Loss of Value due to damage


Antiques, family heirlooms, art objects and collectable's can valuable as sets. Unfortunately, most people rely on their homeowners insurance for protection against losses. Many are unaware that their policies usually exclude : Antiques, Coin Collections, Furs, and fine art objects.

To ensure complete Replacement Cost Coverage, you should have your Personal Property Appraised by a Certified and Accredited Appraiser. We specialize in providing Appraisals for purposes of Insurance Replacement often required in claims involving loss, moving damage, theft, damage or destruction from : fire, smoke or flood damage.


 

CHARITABLE DONATIONS:

  • Numerous Techniques
  • Revenue Canada compliant


If you're considering making a tax deductible, non cash charitable contribution or need to file a casualty loss claim, we can assist you with a Federal or Provincial Tax Appraisal. We follow Revenue Canada's strict requirements regarding the submission of formal Appraisals from a Certified and Accredited Appraiser.


 

ONTARIO BAILIFF:

  • Distraining of Assets - Commercial Tenancies Act
Sale of Vehicles/Assets - Repair Storage Liens Act


In Ontario, the Commercial Tenancies Act R.S.O. 1990 - A landlord can hire a Bailiff to seize and dispose of a tenant's property that is contained within the rented premises. The landlord is not required to give advance notice of seizing the tenant's property, unless the lease provides for it. However, Ontario Bailiffs are required to notify the tenant of the distress and the sum of monies required to cure the default before proceeding to sell the seized property.



Before disposing of seized property, the Bailiff must hold it for five days. If the proper payment is made by the tenant in this five day period, the Bailiff is not permitted to sell the tenant's property. Otherwise, after the Accredited Appraisals are made, the property can be sold. There must be 2 Independent Accredited Personal Property Appraisals done before liquidation of the assets can be sold. This is the law in Ontario.



appraisal ontario CPPA

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