Are you a parent living in British Columbia? Did you know that new tax credits in BC encourage children’s participation in arts and sports? BC families can now claim up to $500 – per child, per year – in eligible expenses for sports and arts programs outside the school system.
These tax credits go hand-in-hand with similar credits offered by the federal government, and have the same rules regarding expenses and eligibility.
The Children’s Fitness Credit is a non-refundable tax credit of 5.06 per cent of eligible expenditures up to $500 for each child, providing a benefit of up to $25 per child.
The Children’s Arts Credit is a non-refundable tax credit of 5.06 per cent of eligible expenditures up to $500 for each child, providing a benefit of up to $25 per child.
For both the Children’s Fitness Credit and the Children’s Arts Credit, eligible expenditures are those that qualify for the federal children’s fitness and arts credits.
This means a family with three children can claim up to $1,500 a year, assuming each child is involved in a sports or arts program outside the school system.
The bottom-line annual benefit, which you get when you file your income tax return, is up to $25 per child, per credit.
I didn’t know about them and I definitively claiming these new tax credits when I file my income tax return this year. I really think it’s wonderful that our government encourages active participation of children in arts and sports.
Click here to learn more about the Fitness and Arts Tax Credit and visit www.bcjobsplan.ca to learn about other tax credits and incentives from the BC Job Plan, including first time home buyer bonuses, seniors home renovation tax credits and opportunities for small businesses.
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Disclosure: This is a compensated sponsored post.