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PostPosted: Sat Feb 03, 2007 10:55 am 
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Joined: Thu Aug 11, 2005 6:48 pm
Posts: 614
Location: Ontario, Canada / Cambridge, UK
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 is information about the proposed tax credit both for parents and for the organizations that provide eligible programs of physical activity. This information is based on legislation that has been tabled in the House of Commons but that has not yet become law.

The 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).



More info here:
http://www.cra-arc.gc.ca/fitness/

_________________
16-year-old son: peanuts, nuts, raw egg whites, asthmatic
Self: allergic rhinitis, fragrance/chemical sensitivities, oral allergy syndrome


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PostPosted: Sat Feb 03, 2007 12:00 pm 
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Joined: Sat Apr 16, 2005 12:09 am
Posts: 1054
Yes, I read about this tax credit on the YMCA's website when I was looking into joining -- isn't that great! I believe that they said that any program that is 8 weeks in length or longer was eligible for the credit. Keep those receipts!! :)


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PostPosted: Sun Feb 04, 2007 1:15 pm 
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Joined: Thu Aug 11, 2005 6:48 pm
Posts: 614
Location: Ontario, Canada / Cambridge, UK
Let's hope it becomes law! What a great idea.

_________________
16-year-old son: peanuts, nuts, raw egg whites, asthmatic
Self: allergic rhinitis, fragrance/chemical sensitivities, oral allergy syndrome


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