OTTAWA, ONTARIO -- (Marketwire) -- 02/25/13 -- Did you know?
Whether your child dreams of a career on hockey skates, racing down the slopes on a snowboard, or performing for a famous ballet company, paying 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 this year.
-- If your child participated in an eligible program of physical activity, you may be able to claim up to $500 for the fees paid in 2012 to register you or your spouse's or common-law partner's child. You could save up to $75 on your tax bill this year.-- Your child must have been under 16 years of age (or under 18 years of age if eligible for the disability amount) at the beginning of the year in which the eligible fitness expenses were paid.-- You may claim an additional amount of $500 for each eligible child who qualifies for the disability amount and for whom you paid a minimum of $100 in eligible expenses.-- Two parents can claim eligible fees for the same child, as long as they do not claim the same fees and the combined amount is not more than $500.-- Eligible activities include strenuous games like hockey or soccer, activities such as golf lessons, horseback riding, sailing, and bowling, as well as others that require a similar level of physical activity.-- Fees charged for extracurricular programs that take place in school are eligible.
For more information on the children's fitness tax credit go to: www.cra.gc.ca/fitness.
The Canada Revenue Agency's (CRA) online services make filing even easier
The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.
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Canada Revenue Agency