It’s tax time again, and luckily there’s relief for Music for Young Children Parents. The tax credit was introduced a few years ago to help with expenses. If you have not yet received your receipt from me please let me know.
Here is an easy to follow site for claiming the Arts credit: http://www.taxtips.ca/filing/childrensartscredit.htm
This credit has been reduced to 15% of $250 instead of the previous $500.
According to the 2011 Budget Website,
“Parents will be able to claim the 15-per-cent non-refundable Children’s Arts Tax Credit on up to $500 of qualifying expenses per child incurred in 2011 and future years for a child who is under age 16 at the beginning of the tax year. The age limit will be 18 for children eligible for the Disability Tax Credit, and an additional amount will be provided in those instances.
To qualify for the Children’s Arts Tax Credit, a program must be:
♪ ongoing (either a minimum of once a week for at least eight weeks’ duration, or five consecutive days);
♪ supervised; and
♪ suitable for children.”
This makes our MYC classes perfect for this credit.
To read more about it’s history, you can click on this link http://www.budget.gc.ca/2011/themes/theme1-eng.html