Remember Canada’s child fitness tax credit

As you’re working on your taxes this year, remember the credit you can claim because you enrolled your kids in a sports program.

The Children’s Fitness Tax Credit is worth up to $500 for each child under the age of 16 for fees paid in 2011 “relating to the cost of registering your … child in a prescribed program of physical activity”.

Eligible programs must be ongoing, supervised and be suitable for children.

They must also develop cardio-respiratory endurance and flexibility, balance, or muscular strength or endurance.

Sport and physical activity programs recommended by Canadian Sport for Life should all be eligible for the tax credit.

There’s a simliar tax credit for children’s artistic and cultural programs.

Are you taking advantage of both?