Ontario Has Changed The Rules Regarding Probate

Probate Jewellery Appraisals

Estate Appraisal Jewellery ProbateCommencing January 1st, 2015, new probate filing rules took effect in Ontario regarding the Estate Administration Tax.

It is now a requirement that once an executor applies for and receives a Certificate of Appointment of Estate Trustee, the executor must submit a detailed Estate Information Return within 90 calendar days to provide details of how the estate’s value was determined.

Included in the valuation of the estate is the Fair Market Value of the jewellery. The most common type of jewellery appraisal …. that which is used for insurance purposes, for instance …. is the Retail Replacement Value as of the date of issuance of the appraisal. The Fair Market Value, because it represents “the amount at which the property would change hands, in a free market, between a willing buyer and willing seller, neither being under any compulsion to buy or sell, acting at arm’s length, and both having reasonable knowledge of all relevant facts” is most often significantly less than the Retail Replacement Value.

In order to properly assess the Fair Market Value of an item, one needs the skills and technical knowledge of a Gemologist and experience in the retail and secondary jewellery markets

David Conger, President of Conger’s Jewellers, has been appraising jewellery for over 30 years. During that time he has appraised approximately 50,000 items, and his work has been accepted by all insurance companies. In addition his Clients have included the Ottawa Police Service and the Canadian Border Security Agency. He is a Graduate Gemologist, having graduated from the Gemological Institution of America in California. He also has operated his own jewellery store for over 20 years.

Conger’s Jewellers would welcome the opportunity to assess the Fair Market Values of an estate’s jewellery items.

Telephone 613-722-4547, email dconger@congersjewellers.com

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