The next time you file your income tax return you will be able to claim a federal tax credit for your child's drama, music, sculpting or painting classes. The maximum benefit is $75 ($500 x 15%.) and you should keep your receipts. Eligible children will be 16 or less at the beginning of the tax year. The definition of “eligible activities” covers most non-sports related programs that contribute to the development of creative skills or expertise in artistic or cultural activities. The child has to be registered for eight consecutive weeks or five consecutive days and the activity cannot be part of their regular school program. For more details go to the CRA website at Children's Arts Tax Credit. For more on the new budget see Budget 2011.
Arts tax credit is GREAT! I wish we have this in the US. Art is no less important than Fitness and I'm proud for Canadian government to recognise this :)
ReplyDeleteAnka, you are absolutely right! I am now hoping the Canadian government will take quick steps to give Fitness Tax Credits to everyone, not just those who are 16 or under. They are already considering a Fitness Tax Credit for Seniors...
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