Can I Get a Retroactive Appraisal for CRA in Ontario?

Short answer: yes. A retrospective appraisal (often called a retroactive appraisal) values a home in Toronto, Hamilton or elsewhere in Ontario as of a past date, using the sales and market conditions from that time. It is the standard way to document a past fair market value for the Canada Revenue Agency.

What Is a Retrospective Appraisal?

Most appraisals answer the question "what is this home worth today?" A retrospective appraisal answers "what was it worth on a specific date in the past?" The appraiser steps back to that date and looks only at what a buyer and seller would have known then.

The result is a signed report stating the fair market value as of the effective date you need, even though the report itself is written today.

When Does CRA Need a Value as of a Past Date?

Many tax events are measured at fair market value on a particular day. Common examples include:

• Date of death. An estate usually needs the value on that date. See our guide to date-of-death appraisals.
• Change of use. When a home became a rental, or a rental became your home. See renting out your home.
• Principal residence planning. Working out gains on a cottage or second property for the principal residence exemption.
• Transfers between relatives. A sale or gift to a family member is generally measured at fair market value on the transfer date.

Often the need only becomes clear when an accountant prepares a return, sometimes years later. That's normal, and it's exactly what retrospective appraisals are for. Your accountant can confirm which date applies to you.

How Is a Past Value Worked Out?

The method is the same as any appraisal, applied to the past:

• Comparable sales are chosen from around the effective date, not today.
• Market conditions at that time are considered, such as whether prices were rising or falling.
• The home is valued in the condition it was in on that date. If it has been renovated since, the appraiser relies on records, photos and your description.

The report is prepared by a designated appraiser to the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), which include specific requirements for retrospective assignments. It explains which sales were used and why, so it can be supported if CRA asks questions.

How Far Back Can a Retrospective Appraisal Go?

It depends on whether reliable sales records and property information exist for that time. Dates a few years back are routine. Older dates can often be done too, but they take more research. The appraiser will tell you before booking whether the date is workable.

Helpful items to gather: old listing photos, renovation receipts, a purchase agreement, property tax assessments and anything showing the home's condition on the date.

How Much Does a Retrospective Appraisal Cost?

At Best Home Value, a capital gains appraisal as of a past date starts at $470 for a condo or townhouse, $575 for a detached or semi-detached house and $800 for a 2–4 unit property in the Greater Toronto and Hamilton Area. Your exact fee is confirmed in writing within one business day, before anything is booked. See our full fee table.

How long does it take?

Most reports are delivered as a signed PDF within 2–3 business days of the inspection. If the home has already been sold, we'll talk through how the report can be prepared without access.

Why Not Use Old Listings or an Online Estimate?

A single old listing price or an automated estimate isn't a supported value. Asking prices aren't sale prices, and online tools don't see the home's condition. A certified appraisal is independent, signed and explains its reasoning, which is what your accountant needs if a value is ever reviewed.

Related Articles

• Renting out your home? What happens with capital gains
• The principal residence exemption, explained simply
• Do I need a date-of-death appraisal?

This article is general information, not tax, legal or financial advice. Please speak with your accountant, lawyer or lender about your situation.