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The Canadian government announced today that the children’s fitness tax credit will double from $500 to $1,000. Parents can now claim eligible fitness credits of up to $1,000 for each eligible child. This increase will be available for the 2014 tax year.
Currently the tax credit is non-refundable, but the Government also announced that for the 2015 tax year the credit will be made refundable.
The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.
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