January 5, 2007

Children’s Fitness tax Credit

Information on the new children's fitness tax credit is now available on the Canada Revenue Agency website at www.cra.gc.ca/fitness.

According to a CRA news release:

"Following the report of a panel of health and physical fitness experts, Finance Minister Jim Flaherty announced on December 19, 2006 his intention to introduce regulatory changes that would clearly define eligible programs of physical activity for the purposes of the tax credit, which was initially proposed in the 2006 Federal Budget.

Parents are encouraged to ask for and keep all receipts when they register their children in 2007 for physical activity programs that may qualify. Information about how to claim the tax credit will be included in the General Income Tax and Benefit Guide – 2007."

The full text of the CRA news release can be found at:
http://www.cra-arc.gc.ca/newsroom/releases/2007/jan/nr070105b-e.html

Posted by Taxes.ca Editorial Team [permalink]

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