Tax tip: It pays to get fit!

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The following is now available on the CRA Web site:

Did you know…

Starting in 2007, you may be able to claim the fees paid for physical fitness programs for your children under the age of 16? The newly proposed children’s fitness tax credit provides parents with an annual credit of up to $500 per child to help cover the cost of their child’s physical fitness programs or sporting activities fees.

For more information on this tax credit for 2007, visit www.cra-arc.gc.ca/whatsnew/fitness-e.html.

SOURCE: CRA

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