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P.O. Box 1749
Halifax, Nova Scotia
B3J 3A5 Canaanite No. 11.1.8
Halifax Regional Council
June 23, 2015,
TO:Mayor Savage and Members of Halifax Regional CouncilSUBMITTED BY:
Richard Butts, Chief Administrative
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What is less than market value?
Less than market value is when an asset or property is transferred or sold for an amount that is below its current market price.
Who is required to file less than market value?
Any individual or entity involved in a transaction where an asset is transferred for less than market value may be required to file a report.
How to fill out less than market value?
The process of filling out a less than market value report typically involves providing details about the asset, the parties involved, the sale price, and the reason for the transaction.
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The purpose of reporting less than market value transactions is to ensure transparency and compliance with tax laws, as well as to prevent fraudulent conveyances.
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Information that may need to be reported on a less than market value transaction includes details about the asset, the parties, the sale price, and any relationships between the parties.
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