Did you know that you can benefit from a tax advantage when you buy an original painting?
Did you know what you can do when you buy an original painting?
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%.
ARTIST RATINGS
Here is the market value of my original abstract contemporary paintings in 2024. The value increases annually, an approximate average increase of 5% is generally awarded at the beginning of the year. Consult the legal notices page to find out more about the general conditions of sale.
| Size in inches | Metric | Market value |
|---|---|---|
| 24” x 24” | 61 x 61 cm | $1 320 |
| 24” x 30” | 61 x 76 cm | $1 595 |
| 20” x 40” | 51 x 102 cm | $1 760 |
| 24” x 36” | 61 x 91 cm | $1 900 |
| 30” x 30” | 76 x 76 cm | $1 980 |
| 24” x 40” | 61 x 102 cm | $2 100 |
| 30” x 36” | 76 x 91 cm | $2 365 |
| 24” x 48” | 61 x 122 cm | $2 530 |
| 30” x 40” | 76 x 102 cm | $2 640 |
| 36” x 36” | 91 x 91 cm | $2 750 |
| 40” x 40” | 102 x 102 cm | $3 300 |
| 36” x 48” | 91 x 122 cm | $3 600 |
| 30” x 60” | 76 x 152 cm | $3 740 |
| 36” x 54” | 91 x 137 cm | $4 100 |
| 48” x 48” | 122 x 122 cm | $4 785 |
| 40” x 60” | 102 x 152 cm | $5 115 |
| 36” x 72” | 91 x 183 cm | $5 500 |
| 48” x 60” | 122 x 152 cm | $6 050 |
| 48” x 72” | 122 x 183 cm | $7 150 |
• Canadian dollar prices;
• Taxes, coaching and transport not included;
• Price plus $500 for a tailor-made creation and allow 30 working days for the performance of the work;
• Prices above are subject to change without notice.
Consult the legal notices page to find out more about the general conditions of sale.