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