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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks

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To: Jim Somerville who wrote (22)	2/23/2000 1:11:00 AM
From: Michael Dean	Read Replies (1) of 548

I knew of a couple of "financial advisors" who did this for some of their clients a couple of years back and claimed to have gotten away with this. You are really buying poor quality art at a cheap price and getting a questionable "appraisal" thrown in. Revenue Canada is now fully aware of this scheme and you had better have some really reputable appraisals if you are going to donate art now. I would expect this would be an open invite for an audit .. except that you're probably a small fish .. but how many others has your advisor set this up with? I suspect your advisor gets a nice commission on the art sale and you could end up with a disallowed deduction and a bunch of $50 paintings for a couple of hundred each. Try Hotbot search for Revenue Canada Art Donation and follow first link .. will get you to Rev Can Bulletin on above.

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