Notice to Reader: According to the CRA and Budget 2016, the Children’s Fitness Tax Credit, also known aschildren’s fitness and arts tax credits – mentioned in this post has been phased out.
The Star recently posted an article that provides information on recent changes to the Children’s Fitness Tax Credit that is being implemented by Prime Minister Stephen Harper.
Harper announced that parents can now reduce annual taxes payable by up to $150 per child if their children participate in activities that keep them physically fit such as soccer, hockey, baseball, dance, gymnastics, etc. This comes as a result of changes to the Children’s Fitness Tax Credit (CFTC).
Eligible parents can start to claim the enhanced credit in the upcoming tax season in April 2015 and going forward, this tax credit will be made refundable. Many believe that this will address low-income families and how they cannot actually benefit from the tax credit when they tend to owe minimal taxes. In these circumstances, low-income families who are eligible for the CFTC could see up to $150 per child coming back to them as a tax refund.
Brian Peterson, of the Hamilton/Ancaster region, wants to ensure that you will receive the Children’s Fitness Tax Credit (CFTC) this upcoming tax season if you are eligible. In addition, if you need an accountant who is not only attentive and accurate but also passionate about what they do – give us a call!