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Tax Time Soon

Obsolete Tax Advice

What is interesting is when you write for long enough, tax laws change. Here is a perfect example: these tax credits are now gone. It may be tax time but you can’t claim them, however, I leave them here for historical purposes. Maybe they will come back one day? I doubt it.

Child Tax Fitness Credit

Here is one to remember for those of us who either live in Arenas, Fields or Gymnasiums. 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 website):

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. 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 only the start of expenses. 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, but I know that Safety Deposit boxes are covered. Anyone care to comment on whether they have claimed a home safe for this same deduction?

Feel Free to Comment

  1. Although I can not currently use the credit, since I don’t have any kids, I am sure many appreciate being able to write of a fraction of costs.

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