News Release Article from
Minister Shea highlights new tax credit for parents
Toronto, Ontario, February 20, 2012 ... The Honourable Gail Shea, Minister of National Revenue, accompanied by Costas Menegakis, Member of Parliament for Richmond Hill, today visited the Royal Ontario Museum to promote the children's arts tax credit, a new non-refundable credit passed in the 2011 federal budget.
"Parents whose children participate in paid artistic, cultural, recreational, and developmental programs now enjoy the same benefit as parents whose children participate in paid programs of physical activity. Our Government believes whether a child is inspired by Justin Bieber, Rachel McAdams, Brett Lawrie, or The Tragically Hip, parents should receive a tax credit to help pay for the programs that will help their children develop," said Minister Shea.
"The children's arts tax credit acknowledges our government's strong support for culture and the arts and builds on our low-tax plan for families," said MP Menegakis. "Parents from across our country will have a greater ability to involve their children in arts programs, music lessons and more."
"This credit is investing in our children's future by recognizing the importance of stimulating the imagination," added Janet Carding, Director and CEO of the Royal Ontario Museum. "Children's programs like the ones held here at the Royal Ontario Museum increase children's creativity and their understanding of world cultures and natural history. Countless studies have shown the many benefits of arts education, including improved critical thinking."
In addition to fitness programs covered by the children's fitness tax credit, parents can now claim money spent on programs that focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring, and more. When parents claim the children's arts tax credit-up to a maximum of $500 of the cost of programs-they save as much as $75 at tax time per child claimed.
To find out if your child's program is eligible for the children's arts tax credit, go to www.cra.gc.ca/artscredit.
FOR BROADCAST USE:
National Revenue Minister Gail Shea, accompanied by Costas Menegakis, Member of Parliament for Richmond Hill, today visited the Royal Ontario Museum to promote the new children's arts tax credit. The credit can save parents up to $75 at tax time when they claim the costs of artistic, cultural, recreational and developmental programs for their children.
Director of Communications
Office of the Minister of National Revenue
Canada Revenue Agency