As a parent, there are lots of savings come tax time that you may not know about. Discover these and many more at cra.gc.ca/TaxSavings.
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Children’s Fitness Tax Credit
This credit allows parents to deduct 15 percent of the cost of fitness programs (to a maximum of $500 per child) from their taxes— a potential savings of $75 per child. The fitness credit may be split between the parents of children under 16 years of age. Families with children under 18 who have disabilities can claim an additional $500 if a minimum of $100 in eligible expenses has been paid.
Permitted programs must include a significant amount of physical activity contributing to cardio-respiratory endurance, and must also focus on one or more of muscular strength, muscular endurance, balance or flexibility. Obtain a receipt for your file.
Learn more about the Children’s Fitness Tax Credit at cra.gc.ca/TaxSavings
First-time Donor’s Super Credit
The first-time donor’s super credit (FDSC) is a new credit which supplements the value of the charitable donations tax credit (CDTC) on donations made after March 20, 2013 by first-time donors by 25 percent. First-time donors means neither you, nor your partner have claimed or been allowed a charitable donations tax credit for any year after 2007.
According to the CRA: “The FDSC applies to a gift of money made after March 20, 2013, up to a maximum of $1,000, in respect of only one taxation year from 2013 to 2017. If you have a spouse or common-law partner, you can share the claim for the FDSC, but the total combined donations claimed cannot be more than $1,000.”
Learn more about the First-time Donor’s Super Credit at cra.gc.ca/TaxSavings