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Children's Fitness Tax Credit
The proposed children's fitness tax credit will allow parents to claim a maximum of $500 per year for eligible fees paid for each child who is under16 at any time during the year. The credit is calculated by multiplying the eligible amount by the lowest marginal tax rate (15.5% in 2007).
The Department of Finance has indicated that, in order to qualify for the tax credit, a program must be:
- Ongoing (either a minimum of eight weeks duration with a minimum of one session per week or, in the case of children's camps, five consecutive days);
- Supervised;
- Suitable for children; and
- Substantially all of the activities must 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.
For more details please refer to the Canada Revenue
Agency website<http://www.cra-arc.gc.ca/fitness/>.
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