Be sure to keep your receipts

Today Premier Dalton McGuinty released the following statement to encourage parents to save their receipts so they can claim their children’s activities at tax time:
“It’s been a great summer and I know this is a time of year when many families have their children involved in extra activities.
I just want to remind parents that many of these special programs, whether in sports or the arts, are eligible for a tax credit.
So don’t forget to save your receipts so you can claim the tax credit on your income tax return
Families can claim up to $500 of eligible expenses per child. They can receive a refundable tax credit worth up to $50 per child (under the age of 16) or $100 for a child with a disability (under age 18).
This tax credit provides about $75 million each year to assist with the costs of enrolling children in extracurricular activities and can benefit over 1.8 million children.
We want our children to be healthy and happy. That’s why we created the Children’s Activity Tax Credit. This tax credit covers a wide range of children’s activities that encourage them to be healthy and active.”
To find out if you’re eligible for a tax credit, go to: http://www.rev.gov.on.ca/en/credit/catc/index.html