OTTAWA – The parliamentary budget officer says an adult fitness tax break would cost the government between $15 million and $47 million a year in foregone revenue.
A report from budget office Jean-Denis Frechette says the fitness tax credit could cost a maximum of $268 million over five years
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The tax break proposed by the Conservatives in the last federal election would offer a credit of up to $75 for eligible fitness programs.
Frechette’s report says his cost estimate doesn’t include any incremental costs related to administering the programs.
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The budget office was asked to assess the impact of the credit by an unidentified MP.
The report says the credit would allow eligible taxpayers to claim a non-refundable tax credit of up to $500 for eligible physical activity program costs against their taxable income at a rate of 15 per cent, or a maximum of $75 deducted from tax payable.
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