(NC)— Most parents are continuously looking for ways to stretch their budget. Whether we're paying for expensive dance costumes, new skates, music classes, or extra tutoring help, there are ways to save money at tax time.
The key is saving your receipts when you sign your kids up for fitness, artistic, or developmental activities. At tax time, claim the children's arts credit (www.cra.gc.ca/artscredit) and the children's fitness credit (www.cra.gc.ca/fitness) on your income tax and benefit return. You can claim the fees you've paid for eligible activities up to $500 per child, per tax credit. This gives you a non-refundable credit of up to $75 per tax credit per child. Look into it—the money you save might be enough to buy your child a new swimsuit or cover the gas money to get to lessons or practices.
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