Wednesday, Oct. 15, 2014
Fed Gov't News
It Pays to Exercize
Child Fitness Credit to double
Released by Robert Pearsall, PA to MP Mark Strahl
he Conservative Government is going to double the Child Fitness Tax Credit (CFTC) and make it refundable delivering on a promise made to parents said Chilliwack-Fraser Canyon MP, Mark Strahl.
"Iím happy that our Conservative Government is moving forward on a commitment to further help families with the cost of enrolling their children in activities that promote physical fitness. Iím especially pleased that these enhancements will bring new benefits to low-income families," said Strahl.
For the 2014 tax year the maximum amount that may be claimed under the credit will be doubled to $1,000 per child. The credit will become refundable for the 2015 tax year.
The original non-refundable CFTC could only be used to reduce taxing owing. By making the CFTC refundable, eligible families whose income was too low for them to have a net tax liability in 2015 tax year, can receive up to $150 per child.
To be eligible, children must be under 16 years of age (or under 18 years of age if eligible for the disability amount) and be enrolled in strenuous activities such as hockey, soccer or gymnastics.
The CFTC was introduced in Budget 2006 by the Honourable Jim Flaherty, who was Minister of Finance at the time. The credit became effective in 2007, and was designed according to the recommendations of the Expert Panel for the Childrenís Fitness Tax Credit. In 2011, the Government committed, upon return to budget balance, to doubling the maximum amount that can be claimed under the credit and to making the credit refundable.
To learn more about the CFTC, visit: www.cra-arc.gc.ca/fitness
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