Minister Shea announces new tax credit for parents
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Charlottetown, Prince Edward Island, July 5, 2011... The Honourable Gail Shea, Minister of National Revenue, today visited the Confederation Centre of the Arts in Charlottetown to promote the children's arts tax credit, a new non-refundable credit announced in the 2011 federal budget.
"Parents whose children participate in paid artistic, cultural, recreational, and developmental programs will 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 Heather Moyse, Jim Carrey, or Great Big Sea, parents should receive a tax credit to help pay for the programs that will help their children live out those dreams," said Minister Shea.
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.