my Mountain News

Attention Parents - Children's Fitness Tax Credit

Tue, 13/02/2007 - 1:00 am

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 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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