Unique Tax Incentives

Take an active step toward tax savings though tax planning! Via enables you to achieve substantial tax savings today and in the future.

How can donating your collection help you save on income tax?

Credits for donations in Canada may be carried forward for up to five additional years after the year in which the donation is made!

Such donations can be used to offset the tax owing against 75 per cent of your taxable income!

Through VIA, you are encouraged to acquire and then donate significant works to recipient institutions, in the same year you acquire them, and for a value based upon your purchase price. This is in complete accordance with every current and proposed provision of the Income Tax Act.

VIA also encourages you to acquire collections and to consider donating them after at least three years. This property may be designated as cultural property. In such cases, the fair market value (FMV) will be determined by the Canadian Cultural Property Export Review Board (CCPERB), and such a determination of FMV is statutory, and cannot be challenged by the CRA!

 

You may also use the proceeds of any donation or sale to offset your tax liability and, where applicable, to assist in the repayment of any financing acquired in the program. We will assist you to sell all or part of your collection in the future – it will be your choice.

VIA is all about positive choices for all Canadians – now and in the future.

As a participant in VIA, you will realize tax benefits as intended by Canadian law! These benefits result from cumulative tax credits which could be well in excess of your initial cash outlay for the property.

 

Cultural Property

Donations designated as Cultural Property by the Canadian Cultural Property Export Review Board (CCPERB) offer significant additional tax incentives:

Donations of Cultural Property which result in a capital gain (i.e. where the fair market value of the property upon donation is greater than the original purchase price) are exempt from capital gains tax.

Donations of Cultural Property can be credited against 100 percent of your taxable income (as opposed to 75 percent for other charitable donations).

 

 

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