OTTAWA, April 29, 2014 (GLOBE NEWSWIRE) -- The Appraisal Institute of Canada (AIC) and l'Ordre des évaluateurs agréés du Québec (OEAQ) are pleased to announce the publication of the "Guideline to Estimating the Market Rent of Parking Spaces".
Commissioned by Public Works and Government Services Canada (PWGSC), the Guideline outlines best practices for estimating the market for parking spaces. Independent, reliable estimate of market parking rents are important to employers and their employees namely where employer-provided parking is taxable benefit for an employee.
The Guideline is intended to improve the consistency in appraisal reporting across Canada, ensure opinions for parking rents are objective and well supported, and provide guidance to practitioners on an industry-wide basis.
The Guideline also defines the different parking categories and types, discusses relevant jurisprudence from recent federal court rulings and the requirement to comply to the standards of professional appraisal practice, among other things.
"This project provided the AIC with a unique opportunity to collaborate with the OEAQ and a subject matter expert to develop a Guideline in a specialized area of practice where little literature and guidance is available, not only in Canada, but around the world," states Dan Wilson, AIC President.
To educate AIC members and non-members involved in employer-employee parking rate assessments as taxable benefits, a two-hour webinar will be presented on May 27, 2014 by AIC experts. To learn more about the webinar, go to www.AICanada.ca/seminars-events/ubcaic-training-seminars-and-webinars/.
To access a copy of the Guidelines go to http://www.aicanada.ca/industry-resources/consumer-guides/. To find an appraiser with the specialized expertise, go to: AICanada.ca/findanappraiser.
About the Appraisal Institute of Canada (AIC)
The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 4,800 members across Canada and around the world. Established in 1938, AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. AIC is a self-regulating organization that is guided by a Code of Ethics, Rules of Professional Conduct, and Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) to ensure the integrity of the profession and the protection of public interest. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. They are committed to continuing professional development to maintain the highest level of competency within the evolving marketplace. Our members provide unbiased appraisal, review, consulting and reserve fund planning services on all types of properties within their areas of competence. For more information, go to AICanada.ca.