D20. What are the benefits of having property certified as cultural property?
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The Income Tax Act provides favourable income tax treatment for the disposition of certified cultural property to institutions and public authorities designated by the Minister of Canadian Heritage.More…
This treatment includes:
- a tax exemption for capital gains realized on the disposition of cultural properties to those designated institutions;
- when disposition is as a gift to those institutions, a tax credit or a deduction to donors of up to 100 per cent of their net income.
For further information, see
Guide T4037 Capital Gains .