Tax Time Soon

Child Tax Fitness Credit

Here is one to remember for those of us who either live in Hockey Arenas or Gymnasiums (or soccer fields) most of our days. The Child Fitness Tax Credit allows you to claim up to $500 per year for each child under 16 who is in an accredited fitness program (read the rules and regulations carefully here, evidently there already have been folks claiming that have been told their claim is incorrect).

One important point for me this year is the statement (taken from the web site):

The children’s fitness tax credit lets parents claim up to $500 per year for eligible fitness expenses paid for each child who is under 16 years of age at the beginning of the year in which the expenses are paid.

Since one of my daughters did turn 16 last year but AFTER January 1st, I can still claim her fitness credit for one more year (and that is nothing to ignore). I thought I had lost this for my daughter, but after careful checking of the web site, I am still good for one more year.

For most of us gifted with kids who are on teams, $500 is really only the start of expenses for a lot of sports, but it is not to be ignored either. 

Carrying Charges (aka Safety Deposit Box)

This is one I always almost forget, for those of you who like Paper and Pen methods, this is for line 221 of your return Carrying Charges and Interest Expenses .  The web page says:

Fees to manage or take care of your investments (other than administration fees you paid for your registered retirement savings plan or registered retirement income fund),including safety deposit box charges,

There it is in black and white, so make sure you claim it. What if you have a home safe? I have no idea where that might fit in this, but I do know that Safety Deposit boxes are covered. Anyone care to comment on whether they have claimed a home safe for this same deduction?

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