Have you ever had to obtain a formal "valuation" for something?  Sometimes financial institutions will want a valuation if you are trying to get a mortgage to purchase a property.  Other times, you may need to get a formal valuation before you can sell something - like a collection of artwork, or even your business.  Sometimes Canada Revenue Agency will disagree with your value, and put their own valuators on the case.

But when you hear the phrase, "You should get a formal valuation" do you know what that means?  I know when I first became a lawyer, I had no idea what that meant!  Over the years, I have learned more about the valuation process each time I have had to work with a valuator to help one of my clients.  So, in this episode of The Tax Chick Podcast I am sharing a conversation that I had with, JT Dhoot of Omnis Valuations and Advisory Ltd.  We discuss: (1) the different types of valuations (7:04); (2) the information you should gather if you are looking to get a valuation (14:50); and (3) reasons why you might need to get a valuation (25:27).

RESOURCES DISCUSSED ON THE EPISODE