Revenue Canada defines “fair market value” as follows:
“Fair market value (FMV) is not defined in the Income Tax Act. The FMV is generally the highest price, expressed in a dollar amount, that the 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.”
Furniture Bank will assign your donated items a standardized value. If you believe this standard value does not accurately reflect the value of your donation and you would like a tax receipt for a higher amount, we will require a certificate of evaluation from an independent professional appraiser. For all individual items valued at $1,000 or more, Revenue Canada requires two independent appraisals paid for by the donor before an "in-kind" tax receipt can be issued.
For more information, please email This e-mail address is being protected from spambots. You need JavaScript enabled to view it
