art tax write offs for your business

Did you know if you own a business, there are some amazing tax benefits to collecting Canadian Art?

This includes all kinds of Canadian Artwork; paintings, sculptures, drawings, photographs, etc - qualifying for a tax deduction as long as certain criteria are met. According to the CRA website, the Canadian Tax allows business owners to purchase and write-off Original Canadian Art in its entirety. This is included in the “Capital Cost Allowance” as long as the Artist was a Canadian Citizen when creating the work and the artwork is an original worth a MINIMUM of $200.