The following is now available on the CRA Web site:
Ottawa, Ontario, January 5, 2007â€¦
The Canada Revenue Agency (CRA) wishes to inform parents and organizations providing eligible physical activity programs that additional information about the proposed Childrenâ€™s Fitness Tax Credit is now available online at www.cra.gc.ca/fitness.
â€œI am pleased to be working in partnership with my Cabinet colleague, the Honourable Jim Flaherty, to make this tax credit available to parents across the country, said National Revenue Minister Carol Skelton. The CRA is working to make sure parents and organizations providing eligible programs of physical activity have the information they need to ensure this tax credit supports as many children as possible in their fitness activities.”
Following the report of a panel of health and physical fitness experts, Finance Minister Jim Flaherty announced on December 19, 2006 his intention to introduce regulatory changes that would clearly define eligible programs of physical activity for the purposes of the tax credit, which was initially proposed in the 2006 Federal Budget.
Parents are encouraged to ask for and keep all receipts when they register their children in 2007 for physical activity programs that may qualify. Information about how to claim the tax credit will be included in the General Income Tax and Benefit Guide â€“ 2007.
Organizations providing eligible physical activity programs to children under the age of 16 are encouraged to visit the CRA Web site at www.cra.gc.ca/fitness to find out more about program eligibility and about the information that will need to be on the receipts.
The CRA will administer the tax credit as of the proposed effective date of January 1st, 2007.
SOURCE: CRA News Release