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| Children's Fitness Tax Credit |
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| Written by Administrator | |
| Sunday, 11 November 2007 | |
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The Government of Canada proposes to allow, starting in 2007, a non-refundable tax credit on eligible amounts of up to $500 paid by parents to register a child in an eligible program of physical activity. The following information about the proposed tax credit is for parents of children under the age of 16. For more detail information about, please visit Canada Revenue Agency website on this issue: Children's Fitness Tax Credit Information for parentsAmount of the tax creditThe proposed children's fitness tax credit will allow parents to claim a maximum of $500 per year for eligible fees paid for each child who is under 16 at any time during the year. As with most other non-refundable tax credits, the credit is calculated by multiplying the eligible amount by the lowest marginal tax rate (15.5% in 2007).Claiming the tax credit on your 2007 income tax returnYou can claim the tax credit for each child who was under 16 at any time during the year, provided that another person has not already claimed the same fees and that the total claimed does not exceed the maximum amount that would be allowed if only one of you were claiming the tax credit.The year in which the tax credit can be claimed is determined by the date when the fees are paid, not when the activity takes place. Don't forget to ask for a receiptStarting in 2007, you should receive, or ask for, a receipt from organizations providing eligible programs of physical activity in which your child is enrolled. The organizations will determine the part of the fee that qualifies for the tax credit.You will need to keep the receipts issued by the organizations that deliver the programs. You will not need to submit receipts when you file your tax return, but you must keep them in case we ask for them when verifying your claim. Receipts should be kept for six years. |
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| Last Updated ( Wednesday, 20 February 2013 ) |
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