PRACTICE

B. Appraisals

The land trust informs potential land or conservation agreement donors, in writing, of the following: Canada Revenue Agency (CRA) appraisal requirements for a qualified appraisal prepared by a qualified appraiser for gifts of property valued at more than $1,000, including information on the timing of the appraisal; as the beneficiary of the tax receipt the donor has the primary responsible for any determination of the value of the donation (even in the case where the appraisal has been arranged for or commissioned by the land trust) ; that the donor/land trust should use an independent qualified appraiser who is certified by the Appraisal Institute of Canada and who follows the Canadian Uniform Standards of Professional Appraisal Practice; that the land trust will request a copy of the completed appraisal; and that the land trust will not knowingly participate in projects where it has significant concerns about the tax deduction. Appraisals of Ecological Gifts must be done in a manner that meets the criteria of Environment Canada and will be reviewed independently by the Appraisal Review Panel.