News
release
The Canada Revenue
Agency releases additional information about the Children's Fitness
Tax Credit
Ottawa, Ontario,
January 5, 2007…The Canada Revenue Agency (CRA) wishes to inform
parents and organizations providing eligible physical activity
programs that additional information about the proposed Children’s
Fitness Tax Credit is now available online at www.cra.gc.ca/fitness.
“I 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 –
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. | 