Sooooo……much to my stupidity I dutifully read Business and Professional Income bulletin….backwards and forwards. Called taxation offices; they referred to me to yet another bulleting T?something or other; and a follow-up call to another bulletin T?something or other!
I need to know how other “starving Canadian artists” handle taxation. Any pointers, other than a chartered accountant would be most welcome!
Did you know that I should be able to tell you exactly what the attached painting – ‘Jackpine Sunrise’ cost me to produce. How much paint from which tube was used for this canvas; how many canvases I have produced using said tube of paint! I am squeezing some of these tubes with pliers to get every lost drop of paint. Some I purchased twenty-five years ago a student; some I purchased at a sidewalk art sale! Am I supposed to calculate the price of the paint twenty-five years ago and convert to today's inflated prices? What about wastage I ask....."wastage" says she; "well, that must be considered under....." and this point I stopped listening!
Anyway, enjoy the painting……..but I definitely do not know how much it cost to produce. I informed the kindly taxation person if they wished to know, they could figure it out! Because next year I am going to produce ‘Wally’s Widgets’; there’s a complete text book out there on this venture and taxation!