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Life with kids can be expensive, especially when afterschool activities start to multiply or older children head off to university or college. Parents should consider taking advantage of all the eligible tax credits to help decrease their 2012 tax bill, and offers the following tips on what to look for: Start on day one: As part of the registration process, most hospitals will inform the Canada
Revenue Agency (CRA) when a child is born. This means you should start receiving the GST/ HST Credit, Universal Child Care Benefit (UCCB) and the Canada Child Tax Benefit (CCTB) for your new addition. Active kids: The Children’s Fitness Amount is a federal non-refundable credit worth up to $75 in tax savings for children younger than 16 who are enrolled in an eligible program of physical activity. Not every
program meets the eligibility guidelines, so do your homework. Artistic kids: The Children’s Art Credit is a federal non-refundable credit worth up to $75 for children younger than 16 enrolled in an eligible program such as language classes, Girl Guides or Scouts, art classes or ballet lessons. The organization should provide a receipt. Save for school: Parents can open a Registered Educa-
tion Saving Plan (RESP) as soon as their child has a Social Insurance Number Designed to help save for a child’s post-secondary education, parents can make up to $50,000 in RESP lifetime contributions and receive contributions from the gov-
ernment as part of the Canada Education Savings Grant. It’s important to keep all your receipts to ensure that you can make all the claims to which you are entitled. Be sure you don’t miss a thing by using reliable and accurate tax
preparation software, or seeking the help of a professional. The tax savings will certainly never equal all the expenses of raising kids, but each dollar saved helps at least a little bit. –newscanada.com
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| ETOBICOKE GUARDIAN | Thursday, January 24, 2013
Claim tax credits for your child's fitness and arts activities