Fair Market Value
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.
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Tax Receipt
We can provide "in-kind" tax receipts for the value of your furniture upon request (minimum $100 assessed value) at the time you arrange the pick up or drop-off of items. Be sure we have your correct mailing address!
To do this, we must evaluate the "fair market value" of the furniture at the time it is donated. Please be aware that this value will be less than what you paid for the item.
Furniture Bank issues charitable tax receipts that will reduce your federal and provincial income tax.
Income tax savings are approximate and calculated for "middle-income" earners. Please consult your professional advisor for information tailored to your own circumstances.
