Did you know that Canadian artwork can be tax deductible? Businesses can support your local Canadian artists AND save money!

Your business doesn’t have to be big; even sole proprietors qualify. The art must be purchased to benefit your Canadian business long-term (not for re-sale or private use). The artwork must be exhibited at your place of business where it can be seen by clients and/or employees.

The artwork must be created by a Canadian artist (a print from a big box store does not qualify). The piece must have a value of over $200, verifiable by invoice/receipt.

The artwork then qualifies as a Class 8 depreciable capital property for which Capital Cost Allowance (CCA) can be claimed. If the buyer is a GST, HST, PST, or QST registrant, they can also recover the taxes paid purchasing the art by claiming input tax credits.

The Artmatch website has a few more tips. Check with your accountant for more details. Buy local Canadian tax deductible artwork to enhance your place of business!