It's that time of year again: Tax time. But did you know that, if you have a child taking lessons at Toronto Music Alliance - or indeed, any music education program - you can qualify for a tax credit? Click through to learn all about this wonderful federal tax credit.
According to the Canada Customs and Revenue Agency website, Line 370 on your tax form states:
You can claim to a maximum of $500 the fees paid in 2011 relating to the cost of registration or membership of your or your spouse's or common-law partner's child in a prescribed program of artistic, cultural, recreational or developmental activity.
Toronto Music Alliance qualifies for this tax credit under because our programs meet the requirements of the CRA, as a qualifying program must:
- · be ongoing (a minimum of eight consecutive weeks long)
- · be supervised
- · be suitable for children
If you would like a copy of your payment records for 2011, please contact us and we will email you a copy for your accounting records.
And finally, so we're clear: We're music teachers, not accountants. Please consult a trained, professional accountant if you need further clarification for your specific tax situation.