News

For the week of October 24, 2012



Breaking News

► Step one: set your goals, says David Christianson

► Economic update: Dispelling global uncertainty

► Evelyn Jacks: New relationship? Beware of tax consequences

Your News

Poll Question: Should governments increase taxes on investment income dividends and capital gains to increase revenues and meet their responsibilities?

DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™: Broader interpretation of transfer pricing

Did You Know? Legislation in both official languages

Tax Tips: How the CRA is helping small business

Our News

Featured Book: Master Your Money Management

Featured Web Tools: Featured Program: EverGreen Explanatory Notes


Tax Tips:


Children's Arts Amount

Beginning with the 2011 tax year, parents can claim a tax credit on their income tax returns (line 130) for up to $500 when children under the age of 16 are enrolled in a qualifying artistic, cultural, recreational or developmental program, including tutoring for academic subjects.

This credit may be shared between eligible individuals. An additional $500 is allowed for disabled children if more than $100 is paid for eligible expenses.

Will a private tutor qualify? Only if that person or partnership provides receipts for registration or membership in one or more qualifying programs of at least eight consecutive weeks or, in the case of camps, five consecutive days.

For more information, go to www.cra-arc.gc.ca/artscredit/