News in Georgetown
Calendar of Events in Georgetown
| Children's fitness tax credit |
 |
 |
 |
| Fitness | |
 The children's fitness tax credit allows parents claim up to $500 per year for eligible fitness expenses. A child must be under 16 years of age at the beginning of the year in which the expenses are paid, or under 18 years of age if the child qualifies for disability tax credit. Also, if at least $100 in eligible fitness expenses has been paid for the child, an additional amount of $500 can be added to the eligible fitness expenses actually incurred. Prescribed programs of physical activity To be able to claim your children’s fitness tax credit the fitness program must: - be ongoing (either a minimum of eight consecutive weeks long or, for children's camps, five consecutive days long); - be supervised; - be suitable for children; and - include a significant amount of physical activity that contributes to cardio-respiratory endurance, plus one or more of: muscular strength, muscular endurance, flexibility, or balance. Under the Income Tax Regulations, the definition of physical activity includes: - horseback riding; and
- if the child is eligible for the disability tax credit, activities that result in movement and in an observable use of energy in a recreational context. An activity for which a child rides on, or in, a motorized vehicle as an essential part of the activity does not qualify for the children’s fitness tax credit.
Set as favorite
Bookmark
Email this
Comments (0)
 Write comment
|
Subscribe to this comment's feed
Show/hide comments
Show/hide comment form