Income tax advice for artists & artisans

Members who have not already read the November 2004 issue of the Opus Newsletter might find it useful to do so. It is available at their store at 512 Herald St in Victoria or you can read it on-line at http://opusframing.com/newsletter2/2004/nov/index.html

Apart from other useful remarks it recommends that you aquaint yourself with three Revenue Canada Interpretation Bulletins:

No. IT504R2 about reasonable expectations of profit, etc
No. IT514 about workspace-in-home expenses
No. IT473 the 'Toni Onley" bulletin about how to treat inventory

These are all available on-line at www.cra-arc.gc.ca/formspubs/menu-e.html or from the Victoria Revenue Canada offices at 1415 Vancouver Street.

If after reading these you are absolutely clear as to how you are affected, thats fine. If not, Suzanne recommends contacting an accountant who has experience dealing with such matters for artists and artisans. Not all do.