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What is a Capital Asset?

Capital assets, other than works of art, are defined as identifiable tangible assets with a life expectancy of at least three years in accordance with the Capitalization Policy and that:

  • are held for use in the provision of services, for administrative purposes, for production of goods or for the maintenance, repair, development or construction of other capital assets;
  • are intended to be used on a continuing basis;
  • are not intended for sale in the ordinary course of operations; and
  • are not held as part of a collection.

Works of art are defined as rare and unique items having cultural and historical significance that are:

  • held for public exhibition, education, or research;
  • protected, cared-for and preserved; and
  • subject to an organizational policy that requires any proceeds from their sale to be used to acquire similar items or to be used towards their direct care.