Donors of art to registered charities such as public museums and art galleries are eligible for a charitable tax receipt from the Canada Revenue Agency. Canada Revenue will require a Fair Market Value appraisal report for the donated item(s). The Federal Government's Pamphlet P113 answers most questions about gifts of property to registered charities, and you can link to it here.
donating "certified cultural property"
Additional tax incentives are available to donors of artwork deemed to be significant to Canada's heritage. Applications for certification are reviewed by the Canadian Cultural Property Export Review Board (CCPERB), an independent body that reports to Parliament through the Minister of Canadian Heritage.
The certification process encourages the transfer of significant examples of Canada's artistic, historic, and scientific heritage from private hands to public collections.
Canada Revenue requires that professional appraisals be completed for the donated items. The recipient museum or gallery coordinates the process of applying to the Canadian Cultural Property Export Review Board.
If you are considering offering a gift of artwork but are not certain where to begin I invite you tocontact me for assistance.
Learn more about the Canadian Cultural Property Export Review Board here.