CRA IT 504 Visual Artists and Writers
This publication was cancelled as of 2020-10-09 and replaced with Income Tax Folio S4-F14-C1, Artists and Writers.
Summary
This bulletin deals with the determination of income, for income tax purposes, of a visual artist or writer. The main topics discussed are:
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criteria used to determine whether a visual artist or writer is an employee or self-employed,
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factors to be considered in determining the existence of a reasonable expectation of profit,
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valuation of inventories,
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implications of charitable donations of capital property
and of inventory (including cultural gifts), and
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artists’ employment expenses deduction allowed under
paragraph 8(1)(q).
The special concerns of performing artists are discussed in the current version of IT-525, Performing Artists. The word “artist” as used hereinafter refers to a visual artist.