Determining the fair value of gifts – Imagine Canada

, , ,
"Before you can issue a tax receipt for a gift, you must first determine the fair market value of the gift and of any advantage the donor received in return for making the gift. If you are unable to determine the fair market value of either…

CRA Scholarships, Research Grants and Other Education Assistance

, , ,
This Chapter discusses the taxation of scholarships, fellowships, bursaries, prizes, research grants, certain government financial assistance for education and training, forgivable loans and repayable awards. 2020-12-07

Canada Revenue Agency (CRA) Forms & Publications Search

, , ,
The CRA website has information relevant to artists. You can find out about making tax instalment payments and the Goods and Services Tax. You can also find the following Interpretation Bulletins which contain essential information for filing…

Income Tax Folio S4-F14-C1, Artists and Writers

, , ,
*Replaces IT 504-R2 which has been cancelled *Check online for updates / revisions CRA Summary 2021 01 11 "This Chapter discusses the reporting of income by artists and writers from artistic and literary endeavours. Unless otherwise stated,…

CRA P113 Gifts and Income Tax 2020

, , ,
Are you an individual planning to give money or other property to a registered charity or other qualified donee? Do you own land or a building, or have stocks or bonds that you would like to give to a registered charity? Do you own an oil painting,…

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…

For Love or Money

, , ,
"According to the CRA, an artist is either a professional or a hobbyist, which raises broader questions about whether art should be valued because it can be sold or because it can be shown" Canadian Art 2019 - Zainub Vergee

Canada Council – Income Taxes and Your Grant

, , ,
"Receiving a grant from the Canada Council for the Arts has different tax implications for everyone. The Council cannot provide advice on the income tax implications of your grant. The Council recommends that you consult with a fiscal advisor…