Find out if this tax credit applies to you and your family. It may assist you in covering some of the cost of your guitar lessons!
The federal government has implemented a Child Tax Credit that provides a 15 percent non-refundable credit on the first $500 spent on your children’s artistic, musical, recreational or cultural development in 2011. The tax credit is worth a maximum of $75 per child. Parents of children with disabilities can claim a 15 per cent tax credit on the first $1,000 of eligible spending for a maximum of $150.
To receive the credit, children must be under 16 at the start of the year in which the program is taken (under 18 in the case of children with disabilities). To qualify, a program must be at least eight consecutive weeks in length, or in the case of children’s camps, at least five consecutive days.
Visit the Canada Revenue Agency website for more information.