The financial investment in a private school education is significant. However, there may be tax effective solutions that help reduce the actual cost. This article outlines some opptions that may provide the answer to that important question...
Are tuition payments to Robert Land Academy tax deductible?
If your son is under the age of 16 or is diagnosed with a disability (ADD, ADHD, ODD, Learning Disabled, or some other disability), you may qualify for tax relief for tuition payments paid to Robert Land Academy under Canada’s:
- Medical Expense Tax Credit
- Disability Tax Credit
- Child Care Expense Deduction, or
- Through the creation of a Health Care Spending Account / Health & Welfare Trust (for business owners)
For further information on these topics, watch our pre-recorded information webinar hosted by financial planner Peter Merrick, President of Merrick Wealth. In this webinar we provide insight around affording tuition at a private school and what the "real cost" is in terms of before-tax earnings. Peter provides important information information about Canadian Tax Law and explains the Child Care Expense Deduction, Medical Expense Tax Credits, Health and Welfare Trusts, Health Care Spending Accounts, Registered Disability Savings Plans (RDSP), Ontarion Disability Special Payments (ODSP), and Registered Education Savings Plans (RESP).
We have provided a link to the webinar slides that you can download and print, as well as a link to watch the webinar which was recored on October 28, 2013.
FURTHER INFORMATION, including links to relevant Canadian Revenue Agency Interpretation Bulletins.
CONTACT ROBERT LAND ACADEMY for further information about our program, to attend a parent information session, or to schedule an enrolment interview. Call 905-386-6203 or Contact RLA