Canadian Tax Deductions on Original Art Purchases
Did you know that the purchase of original art in Canada, is tax deductible? Here we look at the various Canadian Tax Deductions on original Art purchases.
The Canadian government recognizes the importance of encouraging the purchase of original Canadian art. Investing in the Canadian art market and its creators offers many benefits to Canadian businesses large and small. The Canadian Government has implemented tax incentives intended to promote the purchase of original Canadian artworks, now is the perfect time to invest in something that makes your business more beautiful. Original art on your corporate walls offers more than monetary returns.
The benefits of investing in original Canadian art.
Original Art offers opportunities for discussion, entertainment, decoration, and in turn increases the value of your corporate offices. Original Canadian paintings on the walls of your business offers a way to communicate your brand and the warmth of your brand to clients. Original art injects taste, class, and ups your game as a corporation. Original Canadian art on your corporate walls communicates character and community, not only to your clients but also your employees.
Buying Canadian artwork, paintings, etchings, sculptures, drawings, photographs, etc. is considered as an amortization expense for corporations or individuals who operate a business. It qualifies as a tax deduction provided that certain criteria are met. The Canadian tax law allows business owners to purchase and write-off Original Canadian Art in its entirety. The acquisition of Original Canadian Art is included in the Capital Cost Allowance for all Canadian businesses, so long as the Artist was a Canadian Citizen when creating the work and the work of art is an original worth a minimum of $200. (more from the CRA website about business expenses and art )
You prefer to try before you buy and get feedback on the art on your walls? Maybe you prefer to rotate your corporate art collection and freshen up your office every few months? If the work is rented instead of being purchased, the rental expenses are also tax deductible.
Tax Deductions on Art: Finance Your Art Purchases:
Did you know that you can have original Canadian art on your office wall right now and pay over a time that suits your budget? Lease to purchase financing allows you to buy the art now and pay on your schedule. Monthly lease payments are a tax deductible business expense, making it even easier for you to bring beauty to your office, without compromising your budget.
Feedback from Corporate Art clients in Canada:
Did you know that The Art of Brandy Saturley, a Canadian artist based in Victoria BC, Canada, has been beautifying corporate offices, board rooms, lobby’s and business centres for two decades with original Canadian Art? Businesses across Canada buy, rent and lease paintings from this Vancouver Island based artist. From Canadian Tire head offices in Toronto, and the head offices of Dollarama in Mont Royal, Quebec, to Canada’s Sports Hall of Fame in Calgary. The artworks of this Canadian painter can be found across the country.
We’ve never had a better experience than working together with Brandy Saturley. Not only does she create remarkable art, which we have purchased for our personal collection, but she also represents herself with outstanding integrity and professionalism. We highly recommend working together with Brandy Saturley. ~ B. Price, President Price’s Alarms
“pleased and honoured to be able to work with Canadian artist, Brandy Saturley on our 2013 National Induction Celebrations. We found Brandy to be excellent to work with and demonstrated great passion and understanding for what we needed. We also appreciated her collaborative style of working with us, her attention to our needs to meet our strategic goals was greatly appreciated.” ~ Canada’s Sports Hall of Fame
Whether you are purchasing art for your business, renting art through a qualified art rental program or professional artist. Maybe you want to finance your purchase of original fine art in Canada. There are many tax benefits available to corporate clients who wish to add original fine art, made by a Canadian artist, to the walls of your corporate or home based business offices. Now all you have to do is discover the Art that best suits your business, and we can assist. We are happy to put together a collection of original paintings to compliment your corporate offices in Canada, and are open to discussing a discount on a purchase of multiple paintings.