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Investing in Canadian Art – A Tax Perspective

Investing in Canadian Art – A Tax Deduction

Having art in our space just makes it better. Art adds personality, evokes emotions and makes a blank wall beautiful. 

The Canadian government has implemented alluring tax incentives to promote the purchase of original Canadian works of art.

The Canada Revenue Agency (CRA) has established that taxpayers who purchase or rent Canadian artworks, either for their personal office or for the common areas of their places of business (such as the lobby or hallway) can claim a tax deduction for the cost of purchasing or renting the work.

If you own a business, there are some great tax benefits to collecting Canadian Art.

Buying artwork is considered as an capital expense for corporations or individuals who operate a business. An individual or organization may qualify for an annual tax deduction provided certain criteria are met.

Under the Tax Act, this purchase must meet the following criteria:

1. The artwork must have been created by a Canadian artist and must be related to the business’s commercial activities and exhibited in a place of business where it will be seen by clients.

2. A print, etching, drawing, painting, sculpture, or other similar work of art that is greater than $200 in value

3. Made by a Canadian artist at the time the art was created, whether a Canadian citizen or a permanent resident

4. If the buyer is a GST and QST registrant, he can recover the taxes paid at the time of purchasing the artwork by claiming input tax credits.

If the purchase meets these criteria, the buyer is entitled to a declining deduction of 33% of the cost of purchasing the artwork (class 8.1) at the provincial level and of 20% (class 8) at the federal level.

Some works of art are, however, excluded and do not qualify for a tax credit, more specifically works having a value of less than $200 or created prior to the 1900s – created over 100 years ago.

Of course, contacting your accountant for more specifics on this matter is highly recommended.

So, supporting Canadian art besides feeling good, supporting the Canadian economy and making your business stand out, is good for the bottom line.  What’s holding you back?

Email us with any questions you may have?

See All ART

 

 

Luminosity by June Corstorphine
New Brunswick Landmark by Shirley Thomas
Icelandic Horse - Carsten Arnold

Art is Good For the Soul

Art is good for the soul!

 

In your Home it can….

  • Reduce your stress
  • Increase the resale of a house
  • Promote creativity
  • Create a sense of comfort
  • Set the mood or tone of a room
  • Make a statement
  • Stimulates young minds
  • Improves your quality of life

 

 

In the Workplace it can…

  • Reduce stress
  • Improve customer relations
  • Inspire creativity and productivity
  • Add sophistication to environment
  • Promote a sense of legitimacy and accomplishment
  • Increases employer satisfaction
  • Staff feel more connected and engaged
  • Boost your companies branding (through philanthropy)
Trio of Canoes by Wendy Palermo

Written by
Wendy Palermo

Wendy Palmero
Just Around the Corner by Wendy Palermo

7 Successful Tips When Decorating Your Oasis

Buying Art Page 1

7 SUCCESSFUL TIPS WHEN DECORATIONG YOUR OASIS

Tips for investing in artwork you love

By Kelly Cushing

 

Buying art can be overwhelming and feel intimidating. The notion that art is for the ‘well do to’ and ‘elite’ is not the case. Art is a personal venture, just like the food you crave and the music you listen to, art is a personal preference. Do you like muted tones or bright and colourful? Do you like abstract or realism? Scenics or cityscapes? The options are endless.

You may be in the process of buying art to decorate your bedroom wall or you want to create a theme in your home. There may even be a particular artist or style of art that you love. Whichever you require, this article will give you guidance.

Where do you start? Start here with 7 Successful Tips When Decorating Your Oasis.

 

  1. MEASURE

    Is the space you have large or small? Measure the space you wish to fill in, order to determine the optimal space for your new art piece. Small spaces around the home to fill up may be a good place to start. Distant horizon lines and nature are powerful in helping small living spaces appear larger. You can always change its location.

If you do have a large space you want to eventually fill, think about photography. A large anchor piece is a good place to start and landscape photography is a good option. Photography generally is more affordable than the painting of the same size. Photography is also usually less expensive than the same size painting which is great for beginners.

Peony by Vickie Legere

White Peony” original by Vickie Legere, $350   SHOP NOW

 

  1. BUDGET

    Art pieces can range in price from $20 and up.  Original pieces are expensive with emerging artists usually less expensive than established artists. If an original piece is not in your budget, other options may be Limited Edition prints (numbered & signed by the artist) or the more affordable version in a standard print (which might be purchased online).

Remember if you purchase an original artwork, you are supporting a real, living person and not a commercial operation.

If you love it, save for it – or purchase a more affordable version of it – or purchase a similar artwork while you save for that perfect piece.

Buying off the internet is far from perfect, so follow your heart and take your time. Research the artist and ask questions if you want by emailing their website. Art is about being curious. Remember if you like a piece, and if its too expensive for your pocketbook, there is surely another piece of artwork that is similar and can fit your budget. If it’s important to you, you can start to plan and budget for that one perfect piece or artist.

Colourful Cabbage bu Sandra Marshall

“Colourful Cabbage” Original by Sandra Marshall, $70
SHOP NOW

3. APPROACH BUYING ART AS A LOVE AFFAIR

Finding meaningful art for your home and lifestyle takes consideration.   Just as you shouldn’t ‘make a commitment’ after the first date, allow yourself the opportunity to determine what you really like.  What can you live with on your walls?   You need to explore & develop a relationship with art styles and artists work that you love. You may find different mediums and styles that unexpectedly resonate with you, provide visual pleasure, excite you and fill your heart.

Your search should be both methodical and spontaneous.  You may have your mind set on a certain type of art, yet experience ‘love at first sight’ for something completely different.

Enjoy the adventure!  Like any relationship, your art collection will develop its own story and have more significance for you as it evolves over time.

Buying artwork that you love is a reflection of who you are and an investment in your happiness.  You are worth it!

    Intriguing City by Elena Marin

    “Intriguing City” Original by Elena Marin. $1100
    SHOP NOW

    1. BE MINDFUL OF THE COST OF ORIGINAL ARTWORKS

    When you’re considering the money to buy an original piece, think of the impact it will have on the artist. When you’re buying art, it’s not just putting something beautiful in your home. You can have a true impact. You’re supporting a real, living person not a corporation. If you don’t yet have the budget to spend a lot, dip your toe with prints and photography.

    Framing can be expensive so buy unframed prints and find a creative way to hang them. Hang your art clothesline style with clothespins and Twine, simple and inexpensive. Or lean pieces on a shelf if they are on a wood or hardboard. Wrapped canvases don’t need to be framed, they look fantastic the way they are.

     

    5. DEFINE YOUR SPACE

    A common misconception is that art needs to match. Your home should look personal to you, not like a family photo album or a home décor catalog.

    Determine a loose color palette to help keep it all cohesive and ensure that it will integrate well with your décor.

    If you have muted furniture and décor, make a statement with your art but if you want your furniture to stand out, choose more understated muted art that compliments your décor.

    A great way to express your personality is to create a gallery wall using small pieces, you can tell a story and convey your personality.

    Like most design items, hang your pieces in odd numbers to provide a balance. Placing your art off-centre is another way to create a visual balance and add character.

    Play with textures and mediums. Pieces that have a texture to them create a new dimension to the space.

      In My Garden by Shirley Thomas

      “In My Garden” Original by Shirley Thomas, $149
      SHOP NOW

      1. GIFT WITH CARE

      Purchasing art is a very personal experience. This undoubtedly, makes gifting art complex. Unless you know this person extremely well and understand their tastes, purchase a gift card to an art gallery where you think they can find what their heart desires.

       

      1. INCREASES MENTAL HEALTH

      Although there are many studies of how creating art aids in mental health, there is also a growing appreciation that art can alter your mood and mental well-being. Having a space that gives balance, clarity and Zen is conducive to a healthier, happier environment. Art can inspire you, reinforcing the fact that buying the art you love is of the utmost importance. Art should be seen as an extension of your personality and values.

      Most importantly, choose art that makes you happy and resonates with YOU!

       

      “Granville Bridge Sunrise” photographed by Brad Koop$67.00  $760.00
      SHOP NOW

      Author of  7 Successful Tips When Decorating Your Oasis

      Kelly Cushing is a photographer and the owner of The Art Hive Collective. Feeling she was not talented to draw or paint, Kelly turned to photography to express herself and the world around her.  Being in love with art and the artistic influence it has had on her life, she put together the Art Hive so artists could do what they are meant to do, Create.

      From Light to Layers – Generational Creativity with Wendy Capp

       

      From Light to Layers – Generational Creativity with Wendy Capp

       

      Who are you and what do you do?

      Wendy Capp, Colourscapes by Wendy, I am an Acrylic Painter from Port Hope, Ontario.

      Why do you do what you do?  

      I am obsessed with Canada and our vast Landscapes and Locales and their differences from one season to another. Canada has so many unusual Landscapes from one Province or Territory to another. 

      Wendy Capp

      Wendy Capp

      Moody Saskatchewan Sunset by Wendy Capp

      Moody Saskatchewan Sunset

      How do you work?  

      I work in Acrylic Paint, using a brush and palette knife. I create my works from one or more photos of a particular area or landscape. I am not looking for a photographic experience but rather a resemblance from my own eye, with my emotional attachment to the area or scene.

      What’s your background?

      I completed my Degree in Fine Arts from Georgian College in 2000, and a Bachelor of Arts in Cultural Studies at Trent University in 2003.

      Winter at Hopewell Rocks by Wendy Capp

      Winter at Hopewell Rocks

      Through the Branches by Wendy Capp

      Through the Branches

      What role does the artist have in society?

      The artist relays a personal experience of a time or place, in the colours and brushstrokes and handprints they leave on their work to tell a story or reflect an emotion to the viewer.

      How has your practice change over time?

      I have worked in various mediums since finishing Art School, but I find Acrylic Paint is the most versatile for me. I am able to layer and build on the colours and they dry fairly quickly without the strong smell.

      Water Meets the Sky by Wendy Capp

      Water Meets the Sky

      Burleigh Falls Fall or Winter by Wendy Capp

      Burleigh Falls Fall or Winter

      What art do you most identify with?

      The ability to paint is like the ability to take a picture, where you can see the landscape and feel the artist’s emotional reaction to it.

      What’s your strongest memory of your childhood?

      One of my strongest memories from Childhood is baking with my grandmother in her apartment kitchen, as well as watching my grandfather paint in their spare room. They were always creating, both of them in one way or another.

      Port Hope Water and Sky by Wendy Capp.
      Port Hope Water and Sky
      Drifting on a Thought by Wendy Capp

      Drifting on a Thought

      What themes do you pursue?

      I enjoy painting landscapes and especially Canadian Landscapes and locales. 

      What’s your favourite art work?

      My current favourite painting is Soaking Cedar (below), it is an intimate look at a water covered Cedar in the Winter. The snow is melting and you can feel the damp and cool weather.

      Winter Wonderland on Sturgeon Lake by Wendy Capp

      Winter Wonderland on Sturgeon Lake

      Soaking Cedar by Wendy Capp

      Soaking Cedar

      Icebergs in Bay Roberts by Wendy Capp

      Icebergs in Bay Roberts

      Mazinaw Rock- Bon Echo by Wendy Capp

      Mazinaw Rock – Bon Echo

      What’s the Buzz – Be in the KNOW

      BLOG

      What’s the Buzz – Be In the KNOW at The Art Hive Collective. All the new art, artist interviews, specials, giveaways and more..

      What’s the Buzz – Be in the Know is our Blog.

      Once a month in ‘From Light to Layers’, one of our remarkable artists will be featured. It will be a chance to get to know a little more about each artist. How they got started, their inspirations, how they do their art, mentors and lots more.

       

      We will also keep up to date on what’s happening at The Art Hive such as giveaways, contests, auctions, and more.

       

      We will work on bringing any information about art, questionaires, and anything else we find interesting.

       

      The Blog will develop over time and with your feedback, it can meet more of your needs. Our goal is to entertain you a little, educate you a bit and give you something to walk a way with that adds to your day.

       

      Please feel free to reach out and give us your input or suggestions to improve our posts.

      Email your feedback to info@thearthivecollective.com

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      Art Hive Thankful Giveaway A Beautiful Beach Scene by Sabrina Gauthier A Liquid Acrylic Pour on a Gallery Wrapped Canvas. Measures 8x10 inches. Bring a piece of summer into your space. Value $89 Giveaway ends October 21, 2020 Enter today!!! Just follow this...

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      OUR FIRST GIVEAWAY!! THE ART HIVE END OF SUMMER GIVEAWAY!!! A set of 4 Gerber Daisy Coasters on Travertine Tiles and backed with cork. (Value $40) Enter here The Art Hive End of Summer Giveaway A Set of 4 Gerber Daisy Coasters on Travertine Tile. Backed with cork for...

      What’s the Buzz – Be in the KNOW

      What's the Buzz - Be in the Know is our Blog. Once a month in 'From Light to Layers', one of our remarkable artists will be featured. It will be a chance to get to know a little more about each artist. How they got started, their inspirations, how they do their art,...

      12 Artist and Climbing

      12 Artist and Climbing. The past few weeks have been overwhelming, exciting and so much fun. As of today, The Art Hive has 12 artists added and many more inquiries. I have one more to add and another that sent me more products to add. There so far is a jewelry artist...

      Call For Artists – What are You WAITING for?

      The website is set up, now all we need is more artists to come and participate with us.  See, this is the opposite of how I was planning on doing this. First, it was going to be the storefront, then the website to compliment the gallery. Well, obviously, things...

      Why art?

      Art is the truest form of self expression. Be it painting, dance or music, all forms of art are important and nurture the soul.

      The BEST WAY TO KNOW WHAT IS HAPPENING AT THE ART HIVE COLLECTIVE,

      Sign up NOW for our Newsletter

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      Contact

      Phone

      +(778) 384-4566

      Mail

      info@thearthivecollective.com

      Call For Artists – What are You WAITING for?

      The website is set up, now all we need is more artists to come and participate with us. 

      See, this is the opposite of how I was planning on doing this. First, it was going to be the storefront, then the website to compliment the gallery. Well, obviously, things dramatically changed. Changed to a place where none of us have ever seen anything like this before. So instead of being bummed out and discouraged, I switched gears and reversed the plan and did the website first. 

      Now, no one knows how long this will go on for. During this unprecedented time, there is still no reason not to look at unique art, beautiful jewellery, photographs that make you feel. There is still no reason not to have beautiful things and add to your environment to fill you with some joy. 

      I have always wanted to open a gallery. A place where artists can join in to create something amazing. Have a place to go to meet with others the same. Being an artist is usually lonely so having a place where there are others who share your passion would be awesome. And a place full of local artists that maybe the majority of people don’t have the opportunity to see and love. 

      What are you waiting for?

      So to all you artists in the Fraser Valley, join me to create a place of beauty and art. I had an instructor once who told me he was so mad at me. I was taken aback. Why? I asked. Because you don’t share your talent with the world. You have a gift and you are not allowing people to see it. That completely switched how I thought of things. I thought I wasn’t good enough or I would be wasting my time. This set things on its head. And now, I ask you to do the same thing. I feel trying and things not working out, is not failure. Failure is not even trying. 

      Come and try. Right now, with the COVID-19, I am not charging anything to put your work on the website. I am just a 25% of work you do sell. So really, no risk. This is my way of giving back and helping people. 

      Please take that leap and email me. I am curating the work, as I do have certain criteria that must be met. We can discuss that further when you email me. I don’t want to hurt anyone’s feelings and it’s not personal, I just have a professional image of what I want to do. Email me at kelly@thearthivecollection.com and take the leap. If you don’t do it, you will never know. 

      Stay safe and keep healthy, body and mind. xoxo