Here's some DETAILED info. regarding the sports tax credit for your kids!!! 

Sports Tax Credit Kicks In But Which Ones Qualify?
Friday January 5, 2007
 
What's worth $500 and came into effect the day we switched the calendar to 2007? The federal government's tax credit for kids involved in organized sports.

January 1st was the day a host of changes kicked in to the rules surrounding Canada's tax laws. And if you have a youngster playing hockey, football or basketball, you may be able to cash in for some of the fees you pay to let them play those games.

Money Specialist Richard Madan has a look at what it takes to claim this largesse, how much you can really get and whether your child qualifies on CityNews at Six.

Until then, here's a brief overview of some of the sports that are covered by the new regs. 

• Hockey,
  
• Football,
  
• Basketball,
  
• Soccer,
  
• Karate,
  
• Folk dancing,
  
• Swimming,
  
• Hiking,
  
• Horseback riding
  
• Many sailing activities.

Who Qualifies?

Children under 16

What makes a sport eligible?

It must involve what the government calls an ongoing, supervised program with a significant amount of physical activity that contributes to cardio-respiratory endurance, plus one or more of:

• Muscular strength,
  
• Muscular endurance,
  
• Flexibility and
  
• Balance

What disqualifies a sport?

Each one is based on its own merits, but in general those that take place at schools as part of a regular gym class aren't included. Programs that are independent of the school but take place there are eligible.

In addition, any activity involving mechanical aids - like snowmobiles, motorcycles, power boats, airplanes or cars - are excluded.

Extra credit

For children who are disabled, the age limit extends to those under 18, and another $500 is available if parents pay a minimum of $100 on registration fees.

How do you claim?

You can apply on your 2007 tax return - but only with valid receipts. For more information on how it's all calculated:   http://www.cra-arc.gc.ca/fitness/