Did you know what you can do when you buy an
Indeed, the acquisition of a work of art such as a painting can give right to a depreciation expense.
The formula is simple, only 3 conditions are required:
1. The property acquired must be capital property acquired after November 12, 1981;
2. the acquisition must be made for the purpose of earning income. Thus the work of art must be acquired in a commercial context, for example in order to be displayed in a business location in the sight of customers: offices, conference rooms, waiting areas, etc .;
3. The creator of the work must be Canadian. This meant that he had to be a citizen or permanent resident of Canada at the time the work was created.
“The acquisition of a work of art = AN INVESTMENT, so why not make a stone 3 shots? “
1. Enhance your work environment, decorate your walls according to your tastes, with original works;
2. You invest in works of art created by local artists, and your acquisitions will increase in market value over the years;
3. You benefit from tax advantages because the acquisition of tables gives right to amortization expenses.
The Québec tax incentive is a deduction of 33.33% of the acquisition cost of the work, while the federal tax credit is 20%.