The Prime Minister has announced an immediate doubling of the Children’s Fitness Tax Credit. effective for the 2014 tax year. The allowable maximum claim will now be $1,000.00. A motion was introduced in the House of Commons on October 8th, 2014. The new legislation will also make it a refundable tax credit beginning in 2015 so that taxpayers with little or no income can still take advantage of receiving the credit.
At an event in Whitby, Ontario Prime Minister Harper remarked: “For kids, we know it leads to other things: learning new skills, making new friends, gaining new confidence, building strong character, and we hope inspiring a passion for being active and healthy that lasts a lifetime,” Mr. Harper said. “As many of you know, getting kids into these activities can be a challenge for hard-working parents. The costs add up.” And: “For something this important, no child should be left out,” the Prime Minister said. “Everyone has heard the saying: ‘It doesn’t matter whether you win or lose, it’s how you play the game.’ But what’s even more important for our government is that kids get a chance to play in the first place.”
Is this a sign that the government will cut taxes before releasing its 2015 budget? We’ll need to wait and see. Wait for the mini budget at the end of October and you may be surprised that you’ll be able to claim your own fitness expenses.