Joined: Jun 2007
Posts: 70
Are your kids heading back to school or off to College/University
9/3/2008 at 11:25 AM
Tax time is a bit away yet but just wanted folks to remember a few things as their kids head back to school and fall activities.
Remember when you sign them up for hockey, dance etc. to keep those receipts for tax time. You can claim a maximum of $500 per child for qualified physical programs.
Child Care Expenses... If you send your child to day care or hire a babysitter in order to go to work or school you will be able to claim the amt paid.
Bus passes... keep your receipts, they can be claimed.
Moving Expenses... if your child has moved to go to college or university the cost of the move can be claimed against any income they earn (if they have a part-time job).
College or University students will also receive:
Texbook Credit
Tuition Fees can be claimed
Education Amount of $400/month
There is also another credit for those that graduate.
Some of these credits can be transferred over to a spouse, parent, grandparent etc. if they are not used by the student.
In other words... keep all your receipts.