Want a Discount on Piano Lessons?

  Want a discount on piano Lessons? Well it is not […]

Want a Discount on Piano Lessons?

Image(s) licensed by Ingram Publishing

 

Want a discount on piano Lessons?

Well it is not really a discount, but every little bit helps. In 2011, a new tax credit was introduced by the federal government. It is called the Children’s Arts Tax Credit and you are able to claim $500.00 each year, for each child under 16 years old. It is interesting as it provides a broad focus of what could be claimed as “arts”.

From the Canada Revenue Agency website, here is its definition of a prescribed program (eligible activity):

The program also has to meet one of the following criteria:

  •  it contributes to the development of creative skills or expertise in an artistic or cultural activity;
  • it provides a substantial focus on wilderness and the natural environment;
  • it helps children develop and use particular intellectual skills;
  • it includes structured interaction among children where supervisors teach or help children develop interpersonal skills; or
  • it provides enrichment or tutoring in academic subjects.

(www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/prgrm-eng.html)
I didn’t know about this particular tax credit until I filed my taxes last year! I wonder how many others out there didn’t know about this?

Author: Christena Saunders

Christena Saunders is a mother of two who has worked in financial services for 12 years.

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