Children's Arts Tax Credit
Did you know that you can claim a maximum of $500 per year per child on your income taxes for music lessons?
"To better recognize the costs associated with children's artistic, cultural, recreational and developmental activities, Budget 2011 builds on the Government's record of helping families by proposing to introduce a 15-per-cent non-refundable Children's Arts Tax Credit.
The credit will be available for a wide range of activities that contribute to a child's development, and that are not eligible for the Children's Fitness Tax Credit. The credit will be provided on up to $500 of eligible fees per child in respect of qualifying children's programs, and will otherwise be based on eligibility conditions for the Children's Fitness Tax Credit. In this regard, the credit will be available for children under the age of 16 years for registration costs associated with participation in qualifying supervised activities. In respect of children eligible for the Disability Tax Credit, the age limit will be raised by two years and an additional $500 non-refundable amount will be provided." ~ taken from Canada's Economic Action Plan website.
To claim your music lesson fees on your income taxes, you will need a receipt. To obtain a copy of your receipt, you can log into your account and download or print a copy. If you require assistance, please call us and we'll be glad to help.