Artist Grant received in 2014, but won't be used till 2015.

My wife has received a artist production grant with which she has two years to produce her piece. She hasn't incurred any expenses against that grant yet, but will in 2015.

In terms of taxes, is there a way to differ the grant to the 2015 taxation year, when she will actually be spending that grant.

Answer

I would suggest that you either discuss the situation with an accountant to discuss your options, or to talk directly to someone at CRA.  There may be an election for this type of deferral.  In some cases the revenue should be deferred to the year in which the expenses are incurred.

CRA  1-800-959-8281

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