According to the Press release, parents can claim up to $500 in expenses and receive a $50 refundable tax credit. Eligible expenses include a broader range than the Federal Child Fitness Tax Credit; including registration and membership fees, as well as fees paid to cover the cost of uniforms, equipment used in common, renting facilities, referees, judges, incidental supplies (e.g., trophies), administration and instruction. Expenses are retroactive to January 1, 2010.With the new, permanent Children's Activity Tax Credit, parents will now be able to receive a refundable tax credit of up to $50 per child under the age of 16 and up to $100 per child with a disability under the age of 18 for enrolling their children in activities that encourage them to be healthy and active.
Does anybody know what the impact of this is on record keeping and reporting requirements for Groups? When can we expect an information package for registrars, leaders and parents? It would be great to have answers before tax season rolls around.