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Today's notices

  • 17th Annual Stouffville Studio Tour

    Location: Whitchurch Stouffville, ON

    The 17th Annual Stouffville Studio Tour is an event you don’t want to..
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  • Alpine and All - Tatjana Mirkov-Popovicki Solo Exhibit

    Location: Nakusp, BC

    August 16 - September 2, 2017, Nakusp, BC, Canada in the Studio Connexion..
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  • Epson Stylus 9800 Printer for sale

    Location: St George, NB

    I have an Epson Stylus Pro9800 and some peripheral pieces of printing equipment..
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  • Call for Artists: Anonymous Art Show

    Location: North Vancouver, BC

    The North Vancouver Community Arts Council & CityScape Community Art Space are very..
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  • FotoFilmic//SOLO Exhibition Award

    Location: Vancouver, BC

    FotoFilmic is excited to announce its first ever SOLO EXHIBITION AWARD Call for..
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  • Call for Artists: Figureworks 2017

    Location: Ottawa, ON

    Figureworks is inviting artists to participate in our 8th annual figurative juried award..
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  • 1st Annual Members Call for Entry with Juror Brian Paul Clamp

    Location: Fort Collins, CO

    Current and new members are invited to submit for our upcoming members exhibition..
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  • The Chelsea International Photography Competition

    Location: New York, NY

    The Chelsea International Photography Competition Is Accepting Entries! An excellent opportunity for both amateur..
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  • Opening - Lyndl Hall and Sandee Moore

    Location: Kamloops, BC

    AUGUST 8 - SEPTEMBER 16 / Artist Talk by Sandee Moore: August 8th..
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  • Cedar Ridge Gallery: Brian Donnelly

    Location: Toronto, ON

    ARTIST IN RESIDENCE: Brian Donnelly Sept 3 - 14, 2017. Stop in..
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  • Submissions for Gallery Rentals- Cedar Ridge Gallery

    Location: Toronto, ON

    See and Be Seen. Weekly and bi-weekly intervals available from September to December, 2018. Apply..
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  • Open Call for Artists- Cedar Ridge Gallery

    Location: Toronto, ON

    Apply to the Cedar Ridge Centre's Contemporary Art Juried Exhibitions. Bi-weekly intervals available..
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  • Dominique Walker | District Foyer Gallery

    Location: North Vancouver, BC

    Dominique Walker captures childhood wonder and outdoor play in her series Wildhood. The..
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  • Call for Artists -

    Location: Palm Springs, CA

    Fusion Art invites submissions for the Skies online art exhibition for the month..
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  • Open Call for Exhibitions

    Location: Toronto - Etobicoke, ON

    THE ASSEMBLY HALL is looking for artists and arts groups to exhibit at..
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  • Closing In: June Mielnichuk

    Location: Edmonton, AB

    Closing In: June Mielnichuk On view from September 8th through the 28th. ACUA presents June..
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  • OPEN CALL - WINTER LIGHT EXHIBITION 2017

    Location: Toronto, ON

    OPEN CALL: Ontario Place is seeking proposals from Ontario residents for illuminated sculptures..
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  • Waterloo, Call for Artists

    Location: Waterloo, ON

    The Link at Waterloo Innovation Park is a tenant amenity centre focused on..
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  • Photopolis Group Show

    Location: Halifax, NS

    Photopolis: The Halifax Festival of Photography invites you to send submissions for a..
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  • Call for Submissions - ArtSpeaks Ottawa

    Location: Ottawa, ON

    ArtSpeaks 2017 Friday, October 20, 2017 6-10pm City of Ottawa, Jean Pigott Hall In support of..
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  • Branch Refinement

    Location: North Vancouver, BC

    Opening Reception Thursday, June 20 | 7 - 9 pm Special Performance by Alt-Shift..
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  • “Lost” International Call For Artists and Writers by ArtAscent

    Location: Toronto, ON

    Deadline August 31, 2017 | Theme: What is it to be lost? To have..
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  • FUNDRAISER-CALL FOR ARTISTS!

    Location: Montreal, QC

    We are part of an non-profit organization (Unity of Man) that is organizing..
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  • Cath Hughes: Things we found at the lake

    Location: North Vancouver, BC

    Things we found at the lake is a series that twists the traditional..
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  • Become An Art-treprenuer

    Location: , AB

    How it works: 25+ people are hosted each night for a 2-hour event, each..
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  • Landscapes : Reading and Memory

    Location: Orillia, ON

    Toronto artist Dan Nuttall (www.dandoesdesign.com) has his first solo exhibition Titled: Landscapes :..
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  • Emerging Artist Residency Award

    Location: Picton, ON

    Spark Box Studio Emerging Artist Residency Award Beginning your career as an emerging artist..
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  • Diane Roy: Allegory of Our Seas

    Location: North Vancouver, BC

    In Allegory of our Seas, textile artist Diane Roy uses a variety of..
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  • Canadianisms at Okotoks Art Gallery

    Location: Okotoks, AB

    Exciting, Bold and Filled with Canadian Quirk, artist Brandy Saturley continues her successional..
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Businesses get a tax deduction for office decor art

By July 18, 2017

How businesses can afford original art in their offices and get a tax deduction.

Business owners can enjoy displaying artwork in your corporate offices, you might be entitled to some tax relief to help subsidize the cost of your art. In a recent technical interpretation letter, Canada Revenue Agency addressed the question of whether taxpayers who purchase or rent works of art, either for their own individual office or for the common areas of their places of business (such as a lobby or hallway), would be permitted to claim a tax deduction for the cost of purchasing or renting the art. Here’s what the CRA has determined:

Buying a work of art

The CRA responded that a taxpayer who acquires a work of art may be able to deduct an amount from the business income provided the artwork was acquired for the purpose of earning income and is not a personal expense. Of course, the CRA goes on to say that the question of whether the artwork was acquired in order to earn income is “a question of fact that can only be determined after a full analysis of all facts related to a given situation.”

If the artwork was acquired in order to earn income, the purchaser must determine whether the amount paid is a current expense or is capital in nature. This can be done by looking at traditional factors such as the purchaser’s intention at the time of acquisition: was it to hold it long term or flip for a quick profit? In most cases, the purchase would likely be considered a capital expense, meaning that the purchaser may be entitled to claim tax depreciation costs when computing business income.

But that’s where the rules get tricky. Under the Tax Act, as long as the art costs at least $200, it can be capitalized and depreciated at a rate of 20 per cent per year for tax purposes, provided it was acquired for the purpose of earning income and that the artist was Canadian at the time the work was done. In other words, artwork that has a cost greater than $200 but is not created by a Canadian artist is specifically excluded as property that can be depreciated for tax purposes. According to the CRA, this is because art objects typically do not depreciate in value, but rather appreciate over the long term.

Rental of artwork

The CRA was also asked about whether the cost of renting artwork for display in the office was deductible. The CRA confirmed that a taxpayer can deduct the cost of renting the art provided the expense was incurred for the purpose of earning income, which, not surprisingly, is also a question of fact.

Rewritten from an article by Jamie Golombek, originally published: March 31, 2016

This article appears in the March edition of the Financial Post Magazine

Visit the iTunes store to download the iPad edition of this month’s issue.

 

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