April is tax time in Canada. As that deadline draws nearer, parents can become more reflective on how they can save money, reduce unnecessary expenses, and make their money stretch for their families. Good news: Camp can help!
Ok, so paying camp fees will not make you rich, but it will allow you to access some important tax incentives. For example, the Child Care Expenses Deduction can be applied to the cost of sending your child to overnight summer camp. This deduction is in place so that parents are able to access care for their child so that they are able go to work. For our youngest campers, the 6 year olds, between $100 and $200/week can be claimed to a maximum of $8000 being claimed per year (depending on income). The parents of children between the ages of 7 and 16 years old are able to claim $62 to $125/week up to a maximum of $5000 (depending on income). Remember that the parent with the lower income is the one who is able to make this claim.
There are some important things to know about “Medical Expenses” as well. A letter from your child’s psychiatrist or psychologist stating that a summer program that offers specific therapeutic programs to support the development of social and academic skills will allow you to claim Camp Kodiak as a medical expense. More information about this process is distributed with your receipt from Camp Kodiak fees in the fall following your camper’s summer at camp. As well, a deduction can be made for a child with a diagnosed learning disability who requires academic tutoring during the summer months to prevent the “summer slide” (“Worried About The Summer Slide?”) of academic gains made during the year. A letter from a doctor confirming that the summer tutoring is necessary for the child is required. There is NO limit to the amount of tutoring costs that can be included in the deduction, so it will not interfere with any other tutoring that is accessed throughout the school year.
Hopefully the small investment of time that was needed to read this information will result in some valuable gains (or refunds) when it comes to filing your taxes. Most importantly, remember that when you invest in your child’s success, the benefits you reap are immeasurable!