Income Taxes and Music Tuition

Children's Arts Tax Credit

According to the Canada Revenue Agency's website:

"Effective for the 2016 taxation year, the maximum eligible amount per child will be reduced to $500 from $1,000 for the children’s fitness tax credit (which will remain refundable for 2016) and to $250 from $500 for the children’s arts tax credit. The supplemental amounts for children eligible for the disability tax credit will remain at $500 for both credits for 2016. Effective for the 2017 and subsequent taxation years, both credits will be eliminated."

Full details can be found here: http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa06-eng.html

Post-Secondary Level of Study

Prep Studies is not authorized to issue T2202A forms to students.  We can provide a signed statement confirming that you studied at the post-secondary level for you to submit with your tuition receipt, however, these statements must be requested each year. Please contact us at 474-9797 or prepmusic@umanitoba.ca to make your request.

In order to receive the signed statement, students must submit documentation to Prep Studies confirming they have completed the RCM or Conservatory Canada Grade 8 Certificate and are now pursuing practical and/or theoretical studies beyond that level. The total fees in the calendar year for advanced study must amount to more than $100.

All decisions are administered by the Canada Revenue Agency and any questions should be directed to CRA. Having a receipt and signed statement does not guarantee a tax credit will be granted for post-secondary study.

 

 


All tax decisions are administered by the Canada Customs and Revenue Agency and any questions should be directed to them by visiting www.cra-arc.gc.ca or by calling 1-800-959-8281. 

For detailed information regarding tuition tax credits, please visit the Canada Customs and Revenue Agency website, and refer to Income Tax Interpretation Bulletin IT-516R2.