COBOURG, ONTARIO -- (Marketwired) -- 06/15/13 -- On behalf of the Minister of National Revenue, the Honourable Lisa Raitt, Minister of Labour, accompanied by Rick Norlock, Member of Parliament for Northumberland-Quinte West, attended a children's dance competition today at the Cobourg Highland Games to promote the Children's Arts and Fitness Tax Credits. Minister Raitt 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 hard-working Canadian families. These credits support families whose children participate in music or dance lessons, hockey or soccer, and a number of other activities," said Minister Raitt. "It is great news that the Children's Fitness Tax Credit is providing record savings."
When children take part in eligible programs that focus on the arts or fitness, their families can save their receipts and claim the cost of those programs, to a maximum of $500 per child per credit, on their income tax and benefit returns. This means savings of up to $150 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 is $120 million for the 2012 taxation year. This represents a significant expected growth in tax savings from the estimated fiscal cost of $90 million in 2007.
"I'm happy that so many families across the country and right here in Cobourg are benefitting from the tax savings provided by the Children's Arts and Fitness Tax Credits," said Mr. Norlock. "We hope to see continued growth in participation for these important programs."
To find out if your child's program is eligible for the Children's Arts Tax Credit, go to www.cra.gc.ca/artscredit. For the Children's Fitness Tax Credit, go to www.cra.gc.ca/fitness.
As with all supporting documents, parents have to keep receipts to support their claims for six years.
FOR BROADCAST USE:
On behalf of the Minister of National Revenue, the Honourable Lisa Raitt, Minister of Labour, and Rick Norlock, Member of Parliament for Northumberland-Quinte West, attended a children's dance competition today at the Cobourg Highland Games to encourage Canadian families to take advantage of the Children's Arts and Fitness Tax Credits. Minister Raitt highlighted that the Children's Fitness Tax Credit is on track to provide an estimated $120 million in tax relief to eligible Canadian families in 2012.
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
Office of Minister Raitt
Canada Revenue Agency
Most Popular Stories
- Frightfully Fun Films Return for Halloween
- Pfizer Approves $11 Billion Buyback Plan
- Would Soccer Be Richer Without Small Clubs?
- Cloud Lifts Microsoft's Quarterly Results
- Jennifer Aniston, Justin Theroux Set the Date
- Stocks Continue Strong After Opening Surge
- Weekly Jobless Claims Rise but Remain Low
- Hollywood Eager to Grasp Hispanic Market
- IS Funded by Black Market Oil Sales, Racketeering
- Teresa Giudice Must Serve Time in Prison