We’ve all walked into an office and seen some beautiful artwork on the walls or sculptures in the lobby. Did you know that if you operate a business in Canada, buying original artwork qualifies as a tax deduction provided that certain criteria are met. Primarily, the artwork must have been created by a Canadian artist, it must cost over $200 and it must be displayed where it will be seen by clients.
Some business owners rent art so that they can rotate and introduce different pieces throughout the year, and of course this can be used as a business expense, however investing in Canadian art can be even more beneficial from a tax point of view. Many companies take advantage of the Capital Cost Allowance (CCA) to build their own private collections. If you’re a professional or business owner, you can purchase original Canadian art, immediately claim the HST then amortize the artwork over 3 to 5 years.This is definitely something worth talking to your accountant about. Not only would you be surrounding your work space with beautiful artwork and building a valuable asset for your business, but you would be supporting and encouraging Canadian artists. One more thing – don’t limit yourself to just paintings on the wall, add a few sculptural pieces and your office will cover all three forms of visual art.
Don’t forget, DIMENSIONS 2016 is taking place October 20 – 23 at Lansdowne Park in the Horticulture Building. It’s going to be the biggest collection of sculptural works in one location. Join us on opening night, Thursday, October 20th from 6 to 9pm.