Did you know that the Government intends to enhance the Children’s Fitness Tax Credit (CFTC) by increasing the maximum amount that may be claimed under the credit to $1,000 from $500, and by making the credit refundable? The doubling of the maximum amount will be effective for the 2014 tax year and subsequent tax years, and the credit will be made refundable effective for the 2015 and subsequent tax years.
This commitment made by the Government in 2011 will provide tax relief for Canadian families of about $25 million in fiscal year 2014-15, and $35 million annually thereafter. The CFTC currently provides tax relief in respect of registration or membership fees to 1.4 million families who enroll their children in eligible fitness activities. When fully implemented, these enhancements will deliver additional tax relief to about 850,000 families.
Whether your child dreams of a career on hockey skates, playing soccer or basketball, or doing other physical activities, fees for lessons to make those dreams a reality can be costly. Save your receipts to claim your Children’s Fitness Tax Credit at tax time.
The Government of Canada’s targeted tax reduction measures are enhancing the lives of Canadians and providing tax relief to give Canadian families greater flexibility to make the choices that are right for them.