Exporting Canadian Art
Like most countries, Canada has a cultural property regime designed to protect art and objects of cultural significance. Inspired by UNESCO Convention (1970), cultural property must get clearance from the Canadian Cultural Property Export and Review Board (CCPERB) before it leaves the country. Outdated elements of this important system are creating challenges for Canadian art dealers and estates.
Cultural Property Donations: Update
The charitable tax incentives for donations of certified Cultural Property – art and artifacts – is the richest in Canada. Cultural Property donations are exempt from capital gains tax and can be claimed against 100% of the donor’s net annual income over up to six years. The incentive is part of a complex regime that temporarily went off the rails due to a battle over a French Impressionist painting.