TAX CREDIT BILL: UP TO $10,000 IN DEDUCTIONS(Oct. 20, 2004) Conservative M.P. Jay Hill introduced his adoption tax credit bill today in parliament. His Bill C-246 could be passed this time, as long as the minority government lasts long enough. Hill's previous try seemed to be headed for success. C-246 had passed a vote of M.P.s on April 20, 2004 and went to the Finance Committee for review. Then the government called a federal election and the bill died. That version of C-246 would have allowed parents to deduct adoption expenses of up to $7,000 when filing their federal income tax return. This time around, Hill would increase the benefit, allowing Canadian adopters to deduct from their income up to $10,000 in adoption expenses. Hill said he increased the proposed maximum deduction to $10,000 because costs have gone up. "We realized that my bill proposing an adoption tax deduction, which I first introduced more than three years ago, needed to be revised to accurately reflect the exorbitant costs of adopting a child,” Hill said. Parents could pay $10,000 to adopt privately, while an adoption from China costs roughly $21,000. “While parents willingly incur these expenses to bring a child into their lives, so many children and all of society benefit from their decision to adopt,” Hill said. “I believe our tax system should fairly acknowledge this contribution, as well as provide financial incentive to encourage adoption.” Hill said he was optimistic his bill will pass this session. “In the last Parliament, there was tremendous backing from all political parties for this bill. Against their Finance Minister’s advice, even government backbenchers voted to support my legislation.” The Child Adoption Expenses Bill, C-246, is a private member's bill from Jay Hill, Member of Parliament for Prince George-Peace River. For more, see "Tax Credit Bill Goes to Finance Committee", April 20, 2004, Source: Adoption Council of Canada, www.adoption.ca Copyright 2004 Adoption Council of Canada. Reproduction permitted, if credited "Source: Adoption Council of Canada, www.adoption.ca". Please make a request to reprint, so we can track where ACC news items are used. Send your request to acc@adoption.ca. |
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