Canada Highlights Family Tax Credit

by Mike Godfrey, Tax-News.com, Washington

22 February 2012

The Canadian government has highlighted a new tax credit that, according to the minister in charge, will help Canadian families encourage children's artistic development.

Gail Shea, Canada's Minister of National Revenue, has again been promoting the tax credits introduced in last year's Budget. Accompanied by Costas Menegakis, Member of Parliament for Richmond Hill, she visited the Royal Ontario Museum to promote the children's arts tax credit.

With fitness programmes covered by the children's fitness tax credit, the arts are grouped under the children's art tax credit. It allows parents to claim money spent on programmes that focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture and tutoring.

According to the Canada Revenue Agency (CRA), when parents claim the children's arts tax credit up to a maximum of CAD500 (USD502) of the cost of programmes, they save as much as CAD75 at tax time per child claimed.

Shea explained: "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."

"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. Parents from across our country will have a greater ability to involve their children in arts programs, music lessons and more," Menegakis added.

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