RENTAL OF ARTWORK AT GALLERY NUANCES
Nuances art gallery offers you a wide selection of paintings available for rent. Not only can you postgreat quality paintings at lower cost, but it allows you to rotate and take advantage of tax benefits in the case of an office or business.
Advantages of renting a work of art:
- Provides greater accessibility to art (democratizes art)
- Allows to emphasize a room/office through the unique artwork
- Enhance social and professional image
- Improves quality of life of individuals and company employees
- Allows to test and integrate work of art into its environment
- Allows you to change the decor regularly without ruining yourself
- Allow to familiarize / get acquainted you with an artist
- Gives you access to a wide range of works of art
- Promote the diffusion of works of Quebec and Canadian artists
Monetary benefits in the rent:
- Minimum down payment (monthly rate of 5% of the price of the work)
- Simplified rental formula
- Purchase option available including significant discounts on the value of the work
- Allows individuals not to have to borrow and pay interest in using monthly fee
- Allows companies to take advantage of tax benefits
The gallery can be rented for corporate events, such as conferences and wine tastings. Catering services can be provided. Gift certificates for employee rewards and departures are also available.
A Canadian business or corporation that purchases an eligible work of art to decorate a part of the workplace that is accessible to its clients, can claim an annual capital cost allowance. At the provincial level, the work of art is a Class 8.1 asset and a deduction of 331/3 % is allowed (half the first year). At the federal level, the work of art is a Class 8 asset and a deduction of 20% is allowed (half the first year).
If you buy a painting by a Canadian artist for $1,000, you can deduct an amount of $167 at the provincial level and 100$ at the federal level for the year of the purchase. The next fiscal year, the company can claim a capital cost allowance at a rate of 331/3 % at the provincial level and 20% at the federal level, and so on for each subsequent year.
Moreover, companies do not pay QST for paintings delivered outside of Quebec and they do not pay taxes (QST and GST) for paintings delivered outside of Canada.