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    February 3, 2017

    REMINDER: File Your Children's Fitness Tax Credit on Your Tax Return

    The Government of Canada has doubled the Children’s Fitness Tax Credit (CFTC) and made it refundable to further help families who enroll their children in eligible fitness activities. Making the tax credit refundable ensures that even those who do not earn enough to pay income taxes can benefit from this credit.  The deadline to file your 2016 taxes with the Government this year is April 30, 2017.  The basketball program (club, community club, etc) that you directly registered your child with will be able to issue to an official receipt.  Due to their short timelines, basketball camps are not eligible for this type of tax credit.




    SAMPLE CHILDREN'S FITNESS TAX RECEIPT FOR PROGRAMS TO USE

    Canada's Child Fitness Tax Credit - Ages 16 and under

    The child must have been under 16 years of age or under at the beginning of the year in which an eligible fitness expense was paid.

    Parents will be able to take advantage of the new $500 maximum limit in the spring of 2017 when they file their tax returns for 2016.

    Please note that the 2016 tax year will see the end of the Child Fitness Tax Credit which is being replaced with other forms of credits from the Federal Government.  Learn more...


    Manitoba’s Fitness Tax Credit - Ages 16-24

    Children and young adults, ages 16-24, can have their fees claimed under the Manitoba Fitness Tax Credit.  The Manitoba’s Fitness Tax Credit allows claims for fitness activities for children under 16 and by young adults aged 16 through 24. The cost of up to $500 in eligible fitness activities, as defined under the federal legislation, may be claimed per child or young adult. For a child/young adult less than 18 years of age at the end of the year, the claim may be made by the child/young adult, or their parent. For a young adult 18 to 24 years of age at the end of the year, the claim may be made by the young adult, spouse or common law partner.

    This will provide an annual non-refundable benefit of up to $54 per youth. Children and young adults with a disability, on whose behalf at least $100 is spent for qualifying fitness activities, will be eligible for an additional $54 credit for a maximum credit of $108 – mirroring the federal treatment of children with a disability. The credits reduce Manitoba income tax otherwise payable in the tax year. Learn more...

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    Item Reviewed: REMINDER: File Your Children's Fitness Tax Credit on Your Tax Return Rating: 5 Reviewed By: Adam Wedlake
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