What is fair market value?

Fair market value is:

 "The highest price, expressed in a dollar amount that the property (good) would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are knowledgeable, informed and prudent and who are acting independently of each other."

Fair market value does not include taxes, and if the fair market value cannot be established, then a tax receipt cannot be issued. A complete list of all benefits to the participants and their value must be included in your documentation in order for tax receipts to be issued. Your benefits list must also include items and services donated or discounted for the event. An item of benefit exceeding 10 per cent of the total benefit value must be supported by a quote from the supplier. We reserve the right to request documentation on all items.