Perth-Wellington MP John Nater is reminding parents they should be prepared for the coming end to tax credits for participation in children’s fitness and arts activities.
In the recent federal budget the government announced it will first reduce and then cancel both the Children’s Fitness Tax Credit and the Children’s Art Tax Credit.
Nater states the Children’s Fitness Tax Credit was created in 2006 to make it more affordable for families to enroll in organized Sports and fitness activities. The Children’s Art Tax Credit was introduced in 2011 to give parents who pay for their children’s art and music lessons similar benefits.
“These tax credits are popular with parents and families across Canada and have produced $1.13 billion in tax benefits to Canadian families. Credits like these have contributed to the lowest federal taxes in 50 years,” Nater stated.
“While I am disappointed that the new Liberal government has decided to cancel these programs, I feel it is important to remind families that they can continue to receive benefits for a short period of time.”
The Conservative MP points out that on July 1 the limit to the Children’s Fitness Tax Credit will be reduced from $1,000 to $500 and the Children’s Art Tax Credit will be reduced from $500 to $250.
On Jan. 1 both will be eliminated entirely.
Nater encouraged families to keep receipts until the cancellation of the credits next year.
