Keeping Track of Tax Credits For Summer Expenses
Now that the kids are out of school it’s great to be able to spend time with them, but it often means additional expenses when it comes to keeping them entertained. It could also mean having to provide care for them if both parents are working. So do any of these added expenses qualify for a tax credit? Hopefully if you are using a Toronto accountant as your resource for getting the most benefits from your tax return then you will be aware of these.
How much expense you have to take on during the summer months will really be determined by the type of activities that you choose for the kids. They will range in price like the many different day camps that pop up in the summer to help keep the kids busy right up to the away from home camps for a two to three week stay.
If you really want to capitalize on some of the potential credits pertaining to the kids it is always wise to discuss what your options are with your Toronto accountant. This way you know what choices you have for choosing activities for the kids. For example, there is a children’s Fitness Tax Credit. Here you would need to enroll your youngster into a type of program that contained some physical activity in their roster. However, if your young one isn’t really interested in physical activity then you should be aware of some other options which could also afford you a tax credit like the Children’s Arts Tax Credit. This is a good choice for kids who enjoy the arts, music, theatre or writing.
What you must also keep in mind is that there are criteria that has to be met in order to qualify for the tax credit. A good example is the child who you are going to claim the credit for, must be under the age of 16 at the start of the year. In addition to this there is also a rule concerning the time span of the program the child is going to be enrolled in. A eligible program has to allow for the child to attend at least once per week and the program has to run for a minimum of a 8 week span. If you are considering a camp then it must run for 5 days in a row. There are a few other rules that a program has to meet in order to qualify for a potential tax credit and your Toronto accountant will be happy to discuss these with you.
As you can see this is just one example of the kind of tax credits that may be available for you. Although they may not seem like much, when you look at all the potential tax credits which your Toronto accountant can help you with you could end up with some significant Canada tax savings.