Art For Business

 
 

Your business could benefit from

purchasing original art!

Mini Cooper Showroom

Point West Auto Park - Winnipeg, M B


Elaine has many Years of experience working with local businesses in Canada.

Experience matters - Elaine has created original resin artwork for small spaces and spacious showrooms. With over a million dollars of original art sold in Canada she has proven to be a hardworking and trustworthy Artist that can take on your unique project and bring vision to life.

Contact Elaine to view available original works or to discuss the possibility of having artwork created for your business space.


Your business is unique - your art should compliment it.

Here is an example of an exciting project for the showroom and offices of a local business. A collection of original resin artwork were created for Mini Cooper car dealership in Winnipeg, Manitoba.

Did you know that the purchase of original art in Canada is tax deductible?

Buying Canadian artwork is considered as an amortization expense for corporations or individuals who operate a business. It qualifies as a tax deduction provided that certain criteria are met. The Canadian tax law allows business owners to purchase and write-off Original Canadian Art in its entirety. Artwork that is either for their personal office or for the common areas of their places of business (such as the lobby or hallway) can claim a tax deduction for the cost of purchasing The acquisition of Original Canadian Art is included in the Capital Cost Allowance for all Canadian businesses, so long as the Artist was a Canadian Citizen when creating the work and the work of art is an original worth a minimum of $200. (more from the CRA website about business expenses and art)

If you own a business, there are some great tax benefits to collecting Canadian Art.

Purchase must be original artwork by a Canadian artist (citizen or permanent resident). Artwork valued at less than $200 is a one-time class 12 deduction at 100% of the purchase price. Artwork valued at greater than $200 can be claimed at 100% of purchase price as a class 8 capital cost allowance depreciable at a rate of 20% per year.

Example: If a painting is $10,000, the amount that can be claimed each tax year is: Year 1 - 20% of $10,000 can be claimed as a deduction = $2000 Year 2 - 20% of $8000 (the remaining value from year 1) =$1600 etc.

BASIC QUALIFICATION CRITERIA:

  • Art value over $200

  • Not be held for resale or otherwise included in inventory

  • Must be created by a Canadian artist

We strongly recommend you contact a Chartered Professional Accountant regarding the specifics of your purchase to determine if it will qualify for a deduction.