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Friday, January 5Canadian Government proposing to offer "Children's Fitness Tax Credit"
Children's Fitness Tax Credit
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
Amount of the Tax Credit:
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).
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Click link above for full details