The Honourable Gail Shea, Minister of National Revenue, accompanied by Ed Holder, Member of Parliament for London West, today visited the London Children’s Museum to promote the new children’s arts tax credit, a new non-refundable credit passed this year 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 Justin Bieber, Karen Kain, Brett Lawrie, or The Tragically Hip, parents should receive a tax credit to help pay for the programs that will help their children live out those dreams,” said Minister Shea. (Editor’s note: what if your child is inspired by ReBoot, How To Be Indie, Club Penguin or their favourite iPhone app? Are these considered Visual or Creative Arts? The broad language of Canada Revenue leaves much to interpretation and the whim of the tax auditor, it seems.)
“One need not look further than the London Children’s Museum to be reminded of the infinite curiosity and thirst for knowledge our kids possess. I am pleased that our government’s Children’s Art Tax credit will help London families enrich their children’s lives in developing their cultural knowledge and creativity” added Ed Holder.
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.
More Information From The Art Tax Credit Web Page:
For 2011 and subsequent years, the budget proposes a new non-refundable tax credit based on eligible expenses paid for the cost of registration or membership of your or your spouse’s or common-law partner’s child in a prescribed program of artistic, cultural, recreational or developmental activity (eligible program). Read the rest of this entry »