With income tax time fast approaching do not forget about the government’s children’s fitness tax credit. This is a tax credit based on eligible fitness expenses paid by parents to register a child in a prescribed program of physical activity.

The children’s fitness tax credit lets parents claim up to $500 per year for eligible fitness expenses paid for each child under 16 years of age at the beginning of the year in which the expenses are paid.

An eligible fitness expense must be for the cost of registration or membership of an eligible child in a prescribed program of physical activity. Generally, such a program must: be ongoing (either a minimum of eight consecutive weeks long or, for children’s camps, five consecutive days long); be supervised; be suitable for children; and include a significant amount of physical activity that contributes to cardio-respiratory endurance, plus muscular strength, muscular endurance, flexibility, or balance. 

Make sure you get a receipt from the organization that your child is registered with. The receipt should include the nature of the activity, the start and finish dates, the child’s name and birth date and the organization’s name and business registration number.

This is a great incentive for parents to help keep their children active. The Harper government also stated that if they were re-elected they would double the fitness tax credit for children to $1000 and introduce a $500 dollar tax credit for adults upon balancing the budget. At that time the balanced budget was expected in 2015.

For more information on the Canadian Governments fitness tax credit visit the Governments website.