The tax period is fast approaching. Once again, you will collect all the documents, important invoices that you keep for the declaration of taxes. Those at work, daycare for children and more. Did you know that registering your child for a recreational activity can pay off in the long run? See http://trojanestate.com/bad-credit-loans-nyc-easy-low-credit-loans-online-available-instantly-with-us/ for an example
Yes, in 2006, the Good Finance federal government introduced the Children’s Fitness Tax Credit, and as of 2007, it came into effect. Eligible activities include demanding sports such as hockey or soccer, activities such as golf lessons, horseback riding, sailing and bowling, and other activities that require a level of physical activity.
Whether it’s a sport at the extracurricular level or at the municipality level, the fees charged are tax-deductible.
Tax credit will be doubled
At the end of 2014, the Conservative government announced its intention to double the Children’s Fitness Tax Credit (CICPE), it will be in the order of $ 1000 in 2014 and will become a refundable credit as of 2015. These bonuses are intended to be an answer to ” a promise made by our government in 2011 and will reduce the tax burden on approximately 850,000 families, “says the Prime Minister’s Office. Here is a short example following the enhancement of the family tax credit:
A couple with a child has $ 950 in eligible expenses for 2014 – including $ 300 for the child’s fall soccer program plus $ 650 for its winter hockey program. With the Children’s Fitness Tax Credit currently in place, the amount owed in taxes by this couple is reduced by $ 75 (15% of the maximum credit amount of $ 500). With the proposed doubled credit, it would be reduced by approximately $ 142 (15% of $ 950).
In addition, this tax credit applies to children with an artistic inclination, the eligibility requirements are the same as those of the credit for fitness of children. The measure is for children under 16, or under 18 for people with disabilities. The promise was made in 2011 by the Conservative government to ease the tax burden on approximately 850,000 Good Finance families.
In short, if your child dreams of being a professional hockey player and hit the slopes, let him follow his passion and who knows, he will become the next Dwayne Gretch. The greasy mornings sacrificed, the designated driver of tournaments that you will make during their youth, will be beneficial to them.
The fruits of their success will come back to you in due course. Not to mention that fun, sportsmanship and determination are qualities that will follow them for life.