Ottawa, Ontario, June 14, 2013... 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.
Canada Revenue Agency
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
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