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Did you know purchasing Canadian Art is tax deductible?

Posted: October 26, 2023

The Short Answer – Is Canadian Art Tax Deductible?

If you don’t want to read this whole report and simply want to know if you can deduct a Canadian art purchase as an expense to reduce your taxable income, the short answer is… 

YES, Canadian art is tax deductible…

if you are operating a business (incorporated or unincorporated, including freelancers and sole proprietors), and the piece of art has been purchased with the intent of holding on to it for a long term, to benefit your place of business (e.g. exhibited in a place of business where it will be seen by clients and/or employees). If this applies to you, we recommend reading on to understand the intricacies of deducting art.


FULL REPORT


OR Copy/Paste link.

https://artmatch.ca/is-canadian-art-tax-deductible/#:~:text=NO%2C%20Canadian%20art%20is%20not,to%20re%2Dsell%20for%20profit.