Commonly perceived as luxury or reserved for art collectors or people with large fortunes, today’s art market is becoming more accessible and attracts people who buy for fun, as well as business people seeking for asset diversification strategies, and investors who recognize the economic power of art, known to generate better returns on investments than most traditional financial vehicles and also recognized as a safe haven not to be overlooked in times of economic crisis.
In this context, the government understood that it had an important role in preserving the Canadian artistic heritage and prevent it to be sent abroad as well as promoting culture accessibility, which reveals to be a key economic engine to our development. Therefore, a favorable tax environment was set up for buyers of works of art (prints, paintings, drawings, engravings, sculptures and other works of a similar nature).
Specifically, one of the fiscal measures allows the buyer (individual, business or company) to benefit from a tax deduction in the form of depreciation. However, to benefit from this fiscal measure*, there are two fundamental criteria to be met :
Support the creative talent of artists. It’s a matter of interest!
* For all details regarding this tax measure, please click here