Piece by piece - Benefits of buying Canadian Art
Written by Jordan Charles
Sprucing up your living space is never easy, but with the CRA's newest tax break it can certainly become more achievable.
Parties within Canada will now be eligible to apply for a tax reduction on the purchase price of any piece of art produced by a Canadian artist.
A 20% write off will be granted during each tax period until the piece is fully paid out, however due to the half-rate rules only 10% can be paid back following the first year of purchase.
Those who are looking to qualify for this newest break will need their pieces to fall under the following:
The piece of work obtained must be greater than $200 in value
The piece of work may not be subjected to any resale, counted towards inventory or put on display for any potential clients
The artist in question must be a Canadian citizen or been a permanent resident at the time of creation
The full purchase of a piece is not the only way to generate a tax break however. Those who may be looking to rent a piece of art will also be able to qualify if they meet the requirements.
Canadian artists, both well known and up-and-coming, will now have an even bigger outreach with this giving buyers more lenient options to owning their own personal pieces. Buying local has always been something Canadians strive to do and the CRA is now pushing the envelope and hoping to get these works of art into the households of many.
While you're here, why not browse through these Chantel Bettencourt originals and find a piece of your own!
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