OSC Announces Individual Summer Camps Eligible for Tax Refund
The Okanagan Softball Camp wants residents of Canada to be aware that the OSC Individual Summer Camps meet the Revenue Canada criteria of qualifying for the "Children's Fitness Tax Credit" as specified below. Please note that this credit also applies to 2007 however the credit applies to the year the payment was made, not the year the child went to camp. Therefore, if you made the 2008 camp payment before January 1st, 2008, you would apply for the credit in your 2007 taxes. This tax credit is for children 16 years old and under at the time of the camp.
For more information, visit http://www.cra-arc.gc.ca/fitness/
The following information is taken directly off of the Revenue Canada website:
Children's Fitness Tax Credit
The Government of Canada proposes to allow, starting in 2007, a non-refundable tax credit on eligible amounts of up to $500 paid by parents to register a child in an eligible program of physical activity.
The following information about the proposed tax credit is for parents of children under the age of 16. If you are part of an organization providing programs of physical activity for children under the age of 16, please see Information for organizations providing eligible programs of physical activity.
Information for parents
Amount of the tax credit
The proposed children's fitness tax credit will allow parents to claim a maximum of $500 per year for eligible fees paid for each child who is under 16 at any time during the year. As with most other non-refundable tax credits, the credit is calculated by multiplying the eligible amount by the lowest marginal tax rate (15.5% in 2007).
Claiming the tax credit on your 2007 income tax return
You can claim the tax credit for each child who was under 16 at any time during the year, provided that another person has not already claimed the same fees and that the total claimed does not exceed the maximum amount that would be allowed if only one of you were claiming the tax credit.
The year in which the tax credit can be claimed is determined by the date when the fees are paid, not when the activity takes place.
