Market Your Artwork as a Tax Benefit
Are you looking for ways to market your artwork? Have you thought of selling or renting your work to local businesses?
Businesses can enhance their office space and support artrepreneurs by shopping local, but there’s an added bonus: the Canadian Revenue Agency (CRA) has created a tax deduction for the cost of buying or renting Canadian art.
Businesses are often looking for ways to stand out with their customers. As an artist, you can stand out with the local business community by framing your artwork as a tax benefit and a smart investment. After all, buying or renting local art is becoming one of the most popular types of investment.
Not every work of art qualifies, but here are a few tips. To qualify, artwork must:
- Be a print, etching, drawing, painting, sculpture, or other similar work of art that is greater than $200 in value.
- Be created by someone who was Canadian at the time (whether a Canadian citizen or a permanent resident).
- Be created less than 100 years ago.
The CRA has also confirmed that a taxpayer can deduct the cost of renting art as long as the expense was made for business purposes.
Before marketing your artwork as tax-deductible, be sure to review this article from Kefi Art Gallery and check with a Chartered Professional Accountant, because not all works of art qualify for this tax deduction.
You can make it easier for businesses to find you by marketing your artwork online. List your work on Arts Council’s online Marketplace, which features dozens of pieces by local artists. Join this online art community to sell your art and make it THE destination for buying local art online.
All you need is an active membership with Arts Council Wood Buffalo, and you’ll get access to Marketplace as one of your member benefits. It’s a great place to start or expand your online empire and market your work to the local business community.
Contact the Fort McMurray Chamber of Commerce to learn more about the local business community. To get your art listed on Arts Council’s online Marketplace, contact us at firstname.lastname@example.org.