Tax tip: It pays to get fit!

The Canada Revenue Agency has provided the following tax tip on its web site to remind Canadians of the $500 fitness credit for children.

Did you know...

That for 2007, you may be able to claim the fees paid for physical fitness programs for your children under the age of 16 at the beginning of the year? The children's fitness tax credit provides parents with an annual credit of up to $500 per child to help cover the cost of their child's physical fitness programs or sporting activities fees. Under proposed legislation, if the child qualifies for the disability amount and is under the age of 18 at the beginning of the year, you may be able to claim an additional $500 credit.

For more information on this tax credit for 2007, visit www.cra.gc.ca/fitness.

http://www.cra-arc.gc.ca/newsroom/taxtips/2008/tt080320-e.html