By Michael Keerma
Parents making the investment in private school for their children should be sure to take advantage, wherever possible, of various broad family tax benefits that may be available through the federal and provincial governments.
Federal tax benefits
- Canada child tax benefit: These tax-free monthly payments may be supplemented by provincial or territorial child benefit payments and may be enhanced by the National Child Benefit Supplement. The benefit is not automatic and must be applied for.
- Universal child care benefit: A $100 monthly payment for each child under the age of six is made to the lower income spouse. The benefit is made available through application only.
- Child disability benefit: The amount of dependent on family income.
- Children’s fitness tax credit: A maximum $500 tax credit for each child under 16 enrolled in an eligible fitness program.
- Transit pass tax credit: You may claim the cost of monthly transit passes for dependent children commuting to and from school.
- GST/HST credit. Applied automatically to dependent children who have been registered for the Canada Child Tax Benefit. This may be supplemented by provincial sales tax credits.
Provincial/territorial family tax benefits
- Northwest Territories Child Benefit
- Yukon Child Benefit
- Nunavut Child Benefit
- British Columbia Family Bonus
- Alberta Family Employment Tax Credit
- Ontario Child Benefit
- Quebec Child Assistance Payment
- Nova Scotia Child Benefit
- New Brunswick Child Tax Benefit
- Newfoundland and Labrador Child Benefit
*With the exception of Quebec, all benefits programs are administered by the federal government and you do not need to apply for them separately from the Canada Child Tax Benefit.
For details, see the Canada Revenue Agency publication T4114 – Canada Child Benefits.