Information on the Children’s Arts Credits

by The Artful Owl on 06/08/2011

Children’s Arts Tax Credit
The Budget proposes to introduce a Children’s Arts Tax Credit.
This will allow parents to claim a 15% non-refundable tax credit based on an amount of up to $500 in eligible expenses per child paid in a year. The credit will be available for the enrolment of a child who is under 16 years of age at the beginning of the year, in an eligible program of artistic, cultural, recreational or developmental activities.
For a child who is under 18 years of age at the beginning of the year and is eligible for the Disability Tax Credit, the 15% non-refundable tax credit may be claimed on an additional $500 disability supplement amount when a minimum of $100 is paid in eligible expenses.
An eligible program must include a significant amount of eligible activities and must be ongoing in nature. In this regard, an eligible program will be either:
• a weekly program lasting a minimum of eight consecutive weeks; or
• in the case of children’s camps, a program lasting a minimum of five consecutive days. This measure will apply to eligible expenses paid in the 2011 and subsequent taxation years.

{ 0 comments… add one now }

Previous post:

Next post: