A new tax credit will be of interest to families with children involved in arts programs and several other approved activities.
The children's art tax credit can be claimed for expenses paid for their involvement in visual and performing arts and it can also be used for children involved in 4-H, Scouts, Girl Guides, outdoor wilderness training, language instruction, cultural studies and tutoring.
The maximum amount of eligible expenses is $500 for each child under the age of 16 (and 18 years if the child is eligible for the disability tax credit). This can be realized as up to $75 in tax savings.
Says: National Revenue Minister Gail Shea: "Arts activities not only engage kids in self-expression, they also build self-confidence and mould young minds."