HMHA: Kids Sport
Sunday, September 9Financial Help for Families
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Kidsport is a children's charity that provides financial help to families who want to enrol their children into sports. For more information, click on the handout below or the headline above to visit the website.
Handout: Grants and Scholarships
Sunday, September 9
Children's Fitness 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).
Starting 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.
For more information, click on the headline above.