Quote:
Originally Posted by Resolute 14
Not quite. Correct me if I am wrong, but a tax credit simply subtracts from your taxable earnings. So, you would not get $1500 back, only the tax you paid on that $1500. And, given this is a provincial initiative, not a federal one, the return you would get is that 10% flat tax, so, up to $150.
I would definitely take advantage - especially if things like our softball league were to count (unlikely since it isn't NSA/CSA, etc approved), but we're not talking about Ralph Bucks here.
|
Yeah, I was being a bit ficticious there. But if you proved that you spent $1500 on fitness related activities that qualified than you'd get to take $1500 off your income when it comes to paying provincial taxes. But my problem is that how the hell can they verify what is legitimate and what's not.
I played Fastpitch softball for three years in a pretty competitive league and my team went to the BC Provincials one year. But really....my team which was mostly 23-28 year old guys, we got our arse kicked by a bunch of smoking 40 year old guys who had a guy who could throw 85 miles an hour and a bunch of other slugs who tried to hit the ball out of the park. Those guys weren't exactly keeping active and were there to drink beer as much as anything. So how do they determine what is and what isn't a legitimate athletics association and than what is and isn't physical activity? Some one riding a bike 20km to work each day probaby doesnt' qualify for this credit yet is getting more activity than most people with a Gym membership. Hence why I think it has no hope in hell. Nice idea....but next to impossible to implement.