Support for Private Members’ Bill C-427 (Artist Income Tax Amendment)
For immediate release
MP Ted Hsu announces his support for Private Members’ Bill C-427
October 4, 2012 – MP Ted Hsu (Kingston and the Islands) is pleased to announce his support for Private Members’ Bill C-427, An Act to Amend the Income Tax Act.
The Bill, tabled by MP Tyrone Benskin, allows artists to average their income over a maximum of five years in order to account for the earnings fluctuations that professional artists often encounter. Averaging earnings means that artists are not heavily taxed one year after being in a significantly lower income bracket in preceeding years.
This change in the Income Tax Act accounts for artists producing major works that might take more than one year to complete, as well as other unpredictable aspects of artists’ careers.
Income averaging for artists was proposed in the Liberal Party platform since 2008, and it is a good way to support Canadian culture.
Ted Hsu explained, “I am pleased to support any Bill that will support Kingston and the Islands artists’ economic interests by taxing their income in a way that seems more fair.”
He went on to say, “I am happy to support Kingston and the Islands artists in many ways. My Constituency Office in LaSalle Mews showcases a rotation of work by local artists.” He continues, “The city’s vibrant arts community contributes much to the quality of life in Kingston and the Islands.
Debate at second reading for Bill C-427 began on Thursday, September 27, 2012.
Sophie Kiwala, Chief of Staff for MP Ted Hsu
14-303 Bagot Street
Kingston, Ontario, K7K 5W7