New Federal and BC Tax Credits for 2015

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New Federal and BC Tax Credits for 2015

Federal Children’s Fitness Amount Tax Credit

This is the exciting one. This credit has become a refundable credit for the 2015 and subsequent tax years. In prior years, it was non-refundable, that is, it could reduce your taxes owing, but you would not get anything back if you had zero taxes owing. By being refundable, you can now get up to $150 in funds back. The credit is equal to 15% of up to $1,000 in eligible fitness spending per child.

New BC Tax Credits

These ones are not going to make you rich, but will give you funds for dinner and a movie (depending on where you go for dinner).  If you are a teacher or parent, please take note and keep your eligible receipts and track your coaching time.

BC Child Fitness Equipment Credit

This new credit is related to the Child Fitness Credit. The BC Child Fitness Credit allows you to claim up to $500 in eligible fitness expenses per child. This non-refundable credit is equal to 5.06% of your eligible claim. This works out to a maximum non-refundable credit of $25.30. The new non-refundable Child Fitness Equipment Credit allows you to claim a further 50% of the Child Fitness Credit or up to $12.65.

BC Education Coaching Tax Credit

The B.C. education coaching tax credit for the 2015 to 2017 tax years provides a non-refundable tax credit of $500 for teachers and teaching assistants who carry out at least 10 hours of extracurricular coaching activity in the year. The maximum claim is $25.30.

 

By | 2015-09-23T15:59:54+00:00 September 23rd, 2015|Tax Tips|0 Comments

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