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Today's notices

  • “10th Anniversary” Online Art Competition

    Location: Palm Springs, CA

    Light Space & Time Online Art Gallery announces an art call for a..
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  • 15th Solo Art Series – Online Solo Art Exhibition Opportunity

    Location: Palm Springs, CA

    Light Space & Time Online Art Gallery announces its 15th “Solo Art Series”..
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  • Urgent issue of The Society for the Diffusion of Useful Knowledge

    Location: Mississauga, ON

    CALL FOR SUBMISSIONS: URGENT ISSUE OF THE SOCIETY FOR THE DIFFUSION OF USEFUL..
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  • 2020 Social Distancing Exhibition

    Location: Vancouver, BC

    $1,000 in Artist Prizes. We know, you’re stuck at home. While many are stocking..
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  • 10th Annual

    Location: Palm Springs, CA

    Light Space & Time Online Art Gallery announces an art call for the..
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  • Call for Art - 5th Annual Animal Kingdom Art Competition

    Location: Palm Springs, CA

    Fusion Art invites submissions for the 5th Annual Animal Kingdom online art competition. For..
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  • Call for Art - Still Life Art Competition

    Location: Palm Springs, CA

    Fusion Art invites submissions for its 14th Quarterly Art Competition – Still Life. For..
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  • 2 ARTIST/ 2 PERSPECTIVES

    Location: Windsor, ON

    The workshop offers an opportunity to have access to two outstanding painters who..
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  • National Oil and Acrylic Painters Society 2020 Spring Online International Exhibition

    Location: , ON

    $4500 in Awards - The National Oil & Acrylic Painters’ Society (NOAPS) invites..
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  • Beacon Original Art Spring Show & Sale

    Location: Calgary, AB

    Annual spring 2-day art show and sale with different artists in attendance each..
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  • Nooks & Crannies Outdoor Art Festival: Call to Artists

    Location: Okotoks, AB

    Okotoks Culture seeks proposals from artists to create temporary public art installations in..
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  • BORDERS - ITSLIQUID International Art and Architecture Festival

    Location: Venice,

    CALL FOR ARTISTS BORDERS | Venice July-Nov 2020 ITSLIQUID International Art and Architecture Festival Deadline:..
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  • Acrylic Painting Workshop with Tatjana Mirkov-Popovicki

    Location: North Vancouver, BC

    April 4/5 2020. Learn how to quickly develop rich colour and surface in..
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  • $550.00 Innovate Grants — Call for Artists + Photographers

    Location: , NY

    Innovate Grant is now accepting submissions for the Spring 2020 Cycle. Innovate Grant..
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  • CALL FOR ARTISTS: CANVAS International Art Fair

    Location: London, UK,

    CANVAS International Art Fair THE LINE Gallery, London | May 07 – October 30,..
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  • 27th Lemonville Group of Artists Show and Sale

    Location: Town of Whitchurch-Stouffville, ON

    Please join The Lemonville Group of Artists for their 27th Annual Art Show..
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  • “Sensuality” International Call - Art & Literature Journal - Deadline April 30, 2020

    Location: Toronto, ON

    | Theme: A glance, touch, dance, flower, scent or piece of chocolate can..
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  • Artwork Shipping Scam

    Location: , AB

    This week an artist on our site was corresponding via email with an..
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  • Geoff Farnsworth: Colour Worker

    Location: Niagara-On-The-Lake, ON

    Join the Niagara Pumphouse for the opening reception for the exhibition entitled, “Geoff..
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  • Call for Entries: Art at the Pumphouse

    Location: Niagara-On-The-Lake, ON

    The Niagara Pumphouse Arts Centre is now accepting applications for participation in Art..
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  • Exaltation : Niagara Pumphouse Instructors' Exhibition

    Location: Niagara-On-The-Lake, ON

    Niagara Pumphouse is proud to host the Instructors’ Exhibition as its first show..
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  • Art, Wine, Interior Design Show

    Location: Winnipeg, MB

    Art, Wine, Interior Design Show! Exhibitor opportunities for Visual artists, Interior Designers and Wineries. Finding..
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  • National Oil and Acrylic Painters Society 2020 Spring Online International Exhibition

    Location: , ON

    The National Oil & Acrylic Painters’ Society (NOAPS) invites oil and acrylic painters..
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  • Land and Sky - 2 Artist/2 Perspectives

    Location: Windsor, ON

    PAINTING WORKSHOP AT SHO ART STUDIOS APRIL 3rd 4th and 5th 2020..
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  • Love At First Sight

    Location: Regina, SK

    Love At First Sight / Regina Art Collective members: Dave Gedjos / DeLee Grant..
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  • In Other Words

    Location: Regina, SK

    In Other Words / Regina Art Collective members: Nikki Jacquin / Derek Olson / Mark..
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  • Call for Art - 4th Annual Black & White Art Competition

    Location: Palm Springs, CA

    Fusion Art invites submissions for the 4th Annual Black & White online art..
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  • CALL FOR ARTISTS: VENICE INTERNATIONAL ART FAIR 2020

    Location: Venice,

    CALL FOR ARTISTS: VENICE INTERNATIONAL ART FAIR 2020 Venice | April 09 – May..
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  • CALL FOR ARTISTS: THE EXTENDED BODY 2020

    Location: London,

    CALL FOR ARTISTS: THE EXTENDED BODY – MIXING CULTURES ITSLIQUID International Art Exhibition THE..
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  • Appreciation of the Arts

    Location: London, ON

    Three day art and music event to recognize local artists in London, Ontario...
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  • Call to Artists - 2020 Sooke Fine Arts Show

    Location: Sooke, BC

    Artists are invited to submit work for consideration to the 2020 Sooke Fine..
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  • TRAVEL EXHIBITION

    Location: Toronto, ON

    John Mantha will be participating in a group show at Twist Gallery in..
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  • ACAF (Accessible Art Fair) 2020

    Location: Brussels,

    ACAF (Accessible Art Fair) is back on October 15-18, 2020 for its 14th..
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  • Call For Artists: The Other Art Fair Toronto

    Location: Toronto, ON

    The Other Art Fair are thrilled to present the newest edition of The..
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  • Marlene Kawalez and Corynn Kokolakis

    Location: Toronto, ON

    Presented by: Cedar Ridge Gallery. Part of the Cedar Ridge Gallery Contemporary Exhibition series. March..
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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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