OTTAWA, ONTARIO -- (Marketwired) -- 06/14/13 -- The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today highlighted that the Children's Fitness Tax Credit is on track to provide an estimated $120 million in tax relief to Canadian families in 2012.
"Our Government is committed to keeping taxes low for hardworking Canadian families," said Minister Shea. "I am proud that this credit is providing record savings. It is a great measure that supports busy and active Canadian families."
When children participate in eligible programs that focus on physical activity, families can save their receipts and claim the cost of those programs, to a maximum of $500 per child, on their tax returns. This means saving as much as $75 on their tax bill for each child's programs.
According to the 2012 Tax Expenditures and Evaluations publication, the estimated fiscal cost of the Children's Fitness Tax Credit will be $120 million in 2012. This represents a significant growth in tax savings from the estimated fiscal cost of $90 million in 2007.
"We will continue to support tax relief measures so that Canadian families can be involved in children's activities while keeping more of their hard-earned dollars," added Minister Shea. "I'm happy that so many families across the country are benefitting from increased physical activity and tax savings."
To find out if your child's program is eligible for the Children's Fitness Tax Credit, go to www.cra.gc.ca/fitness.
The CRA encourages Canadians to take advantage of its safe, secure, and convenient electronic services to file their tax returns. In most cases, with direct deposit, individuals can receive their refund in as little as eight business days, compared with four to six weeks for a paper return.
FOR BROADCAST USE:
The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today highlighted that the Children's Fitness Tax Credit is on track to provide an estimated $120 million in tax relief to Canadian families in 2012. That represents a significant increase from $90 milion in 2007.
To receive updates when new information is added to our Web site, you can:
- Follow the CRA on Twitter - @CanRevAgency.
- Subscribe to a CRA electronic mailing list.
- Add our RSS feeds to your feed reader.
You can also watch our tax-related videos on YouTube.
Director of Communications
Office of the Minister of National Revenue
Canada Revenue Agency
Most Popular Stories
- Pickup Discounts Boost September Auto Sales
- Dallas Parents Fear Students Exposed to Ebola
- Review: Pay by Phone or Just Keep Using Plastic?
- Kurdish Militia Still Lack Weapons, Training
- N.Y. Ups Awards of State Contracts to Minorities
- Ebola Victim Was Sent Home by Dallas Hospital
- Lexus Luxury Compact Sedan Wins Buyers
- Group Offers Online Help for College Students
- What to Look for in Mich. Jobs Market
- Why the Bond Market Isn't as Safe as You Think