As part of an initiative to assist families, the Government of Canada has announced that the Children’s Fitness Tax Credit limit has been raised from $500 to $1,000 per child for the 2014 tax year.
Starting in the 2015 tax year, the Fitness Tax Credit will also become a refundable credit, which means that if the total of the credit is more than your tax owed (even if nil), CRA will refund you the difference.
For more information on the Children’s Fitness Tax Credit, visit http://www.fin.gc.ca/n14/14-136-eng.asp.
No changes have been made to the Children’s Arts Tax Credit. It remains capped at $500 annually per child and is still non-refundable.