Simply put, a retrospective appraisal is the estimated value of a property in the past.

Example: The Appraiser was tasked with providing the value of the property 2 years earlier, which was the date of a [gift, taking, tax assessment, death]. The appraiser provided a retrospective appraisal, limited to using knowledge available in the Market at that time.

Most often retrospective appraisals are required to establish Fair Market Value when settling the estate of a family member. The report is typically included with any filing(s) to the Canada Revenue Agency (CRA). Users include Lawyers, Accountants, Tax Advisors, CRA, Home Owners, Executor.

We are experienced with the procedures, requirements and data sources to accurately perform a retrospective appraisal with an effective date and Fair Market Value estimate that has occurred in the past. Additionally, the ethics provision within the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) as well as the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

Having a professional appraisal gives solid facts and figures to work with in meeting CRA agency requirements. Our detailed reports assure peace of mind to everyone concerned.