Art is a powerful way of inspiring an office setting, and highlighting a company’s values. As well, the artwork becomes a company asset.
If you are a corporation or business owner who enjoys displaying artwork in your offices, you may be entitled to an amortized tax deduction on collecting corporate art. Within Canada, works of art that qualify for a Capital Cost Allowance (as specified in Class 8 assets), depreciate at a rate of 20% annually. Moreover, if the buyer is a GST and QST registrant, the taxes can be recovered by claiming the input tax credits. Taxation laws will vary depending on your location.
Norah Borden’s work can be found in private, corporate and public collections worldwide. To view her collections, please click here.