By Lawrence Herman: “As the Financial Times editorialized last week, in the face of the pandemic crisis and well beyond, preserving the arts must now be a priority for governments. Theatres, galleries and museums form a vital part of the social fabric and deserve to be celebrated. The paper noted that European governments, and even the US, have earmarked new arts-supporting funds. But much more needs to be done.

To put things in context, in 2019, Statistics Canada estimated the direct economic impact of cultural products, including live performances, was $53.1-billion (as of 2017, the last data available). The employment estimate was 666,500, or 3.5% of the 18.8 million jobs in the country.

One idea would be to use foreign investment approvals under the Investment Canada Act as an additional source of arts funding. The Act already requires foreign acquisitions in the cultural sector (over a set value) to include support for the arts as a condition of approval. What about extending that requirement to all foreign investments, subject to Investment Canada approvals, regardless of the sector? It could require, as an example, that the foreign investor make contributions to a special cultural industries fund.”

Source: The Globe and Mail