I work for a tax firm.
CRA makes lots of mistakes. It is amazing how many people simply assume the Notice of Reassessment is correct, when in fact it is not (phone them up, actually most of the people on the phones this time of year are helpful).
Artists have special rules for their works, specifically because they may sell a few pieces for a lot of money one year and none the next. Those are types of rules I would need to look up, but I know they exist because I've flipped past them in tax guides.
corporatejay - you are referring to Personal Use Property. A quaint little section that says if you sell personal property for more than $1000 you need to declare the Capital gain on it, but if it decreased in value that is a personal expense and you aren't allowed to claim a capital loss (or even use it to offset other capital gains).
And I 100% agree with that opinion on Sports Law Blog. It is property whose value has not been realized.
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