Have Kids? New Tax Credits!
Now that we are all well entrenched in our back to school routine, many extra-curricular activities have resumed. It seems that once your children start school our schedules get busier and much more chaotic but it is so worthwhile – teaching our children new skills, socialization, community involvement, exposure to new things. Whether your child is on the local soccer or hockey team, goes to a weekly Scout meeting, is learning some martial arts or is taking dance lessons or trying out some different musical instruments – there is a tax credit for you!!
For the last few years parents have been able to claim their child’s hockey fees, soccer fees, basketball fees, etc. using the Children’s Fitness Tax Credit on their income taxes. There are very specific guidelines that must be met for an activity to be allowed as a fitness program – the activity must be supervised, no motorized vehicles, be ongoing for a certain period of time and contain a significant amount of actual physical activity. If you have a child or two that are signed up in a program that you think might fall into these categories – you might want to check out Children’s Fitness Tax Credit for more specific information.
But not all of us have children that are athletically inclined and it has been difficult to find activities that would fall under the Children’s Fitness Tax Credit. For 2011 and subsequent years is the NEW Children’s Arts Tax Credit. This is going to allow parents to be able to claim those activities that are based on arts – such as singing, musical instrument lessons, drama classes – but also on activities that are focus on the wilderness and nature – such as Scouts and Girl Guides. There are similar guidelines that must be followed such as the activity must continue for a specific duration, have an artistic or cultural basis, provide enrichment or tutoring on academic subjects. If you think this category better applies to your child or you have a child that is gaining exposure to both types – you will want to visit Children’s Arts Tax Credit to get more specific information on this amazing new tax credit!
Whether you have an child who loves to read poetry and has to attend Cub Camp or a child who lives on a hockey rink and is in every track and field event possible – there is now a tax credit available to you!!
