(NC)—No matter whether your children are inspired to be the next YouTube sensation, like Justin Bieber, or hope to pen a worldwide bestseller like Lucy Maud Montgomery, or dream to go Back to the Future like Michael J. Fox, the new children's arts tax credit will allow them to live out their dreams. In addition to fitness programs covered by the children's fitness tax credit, parents may now be able to claim a children's arts tax credit for the amounts paid for prescribed artistic, cultural, recreational, and developmental programs.
This new non-refundable tax credit allows kids the choice to focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring, and more. When parents claim the children's arts tax credit—up to a maximum of $500 for the cost of eligible programs—they can save as much as $75 at tax time per child claimed. More information on this topic is available online at www.cra.gc.ca/artscredit. Pull out those paintbrushes and clarinets, and let's get creative.