Parliament “mulls” adult fitness tax credit
“It would allow taxpayers “to claim a non-refundable tax credit of up to $500 in eligible physical activity programming costs against their taxable income each year at a rate of 15% (i.e. the maximum annual amount to be offset against an individual’s taxes payable would be $75),” the PBO explains. The credit wouldn’t be transferable, so only the person who sweats it out can claim it.”
It would be similar to the Children’s Fitness Tax Credit(CFTC) except that it wouldn’t be transferable.
“The PBO looked at three ages of eligibility—55, 60 and 65. If the government introduced the tax credit in 2014, between 5 million and 11 million Canadians would be eligible.”
No doubt the reasoning is to try to motivate people to stay fit as they get older. It’s smart.
Fitness Level Declines Dramatically With Age “Our fitness levels naturally begin a slow decline after our 20s and plummet once we reach our 70s, according to a new study. But the good news is that regular exercise may compensate for some of those natural losses and help your body feel years younger.”