SHAMELESS: The hidden private school tax haven for the rich
Do you lie awake at night, trying to figure out how to make money from your own kid’s recess? Do you sometimes wonder how you can turn your non-asset-producing children into better profit centres?
There’s a knack to being rich, and not everyone has what it takes.
If you’re traumatized that your local school went on the chopping block this week, why not ensconce your child in private school, where you too can learn the secret code of money?
Take St George’s School on Vancouver’s leafy west side. So much more than just a school, “Saints” is also a taxpayer-subsidized babysitting service for boys.
When your kids are on recess break in the public school system, you hope they don’t break anything falling off the monkey bars. When they’re at Saints, you lean back and think, “Isn’t this beautiful,” while your tax gains roll in.
That’s because to Revenue Canada, lunch, recess and after-school activities at elite private schools aren’t education, they’re day-care. The CRA grants over $3600 in annual child-care deductions against the tuition cost of every student at St. George’s, until the age of 16.
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