Tax season is upon us. You probably already know about the kids’ sports deductions, but have you heard about the new tax credit for little artists?
New this year is the Children’s Art Amount (Line 370). If your little one was enrolled in any arts programs in 2011, you may claim a tax credit on the fees of those programs. Up to $500 of those fees can be claimed, for a return of 15 percent of fees to total $75.
However, not any expense will count—membership and registration fees are applicable for the tax credit. Most of the time facility and equipment rental costs also qualify.
To qualify for the tax credit, the program must meet at least one the following criteria, according to Canada Revenue Agency:
These programs include, but are not limited to:
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