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Originally Posted by Mike F
As reported here, what it really is is that if you spend money registering your kid for organised sports, you can take a tax deduction on the first $500. In reality it would come out to an $80 savings on you taxes. |
In that article...
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The Tories' promise of a $500 tax credit for families who enrol their children in organized sports will only return $80 at tax time, a campaign spokesman admitted last night.
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One, that is an
unnamed spokesman... why? Two, the position of the Tories says "Federal tax
credit" (verbatim to what Harper said), which falls under the TD1 section which are direct credits. (They did not say "tax
deduction".)
http://www.cra-arc.gc.ca/E/pbg/tf/td1/td1-05e.pdf
Not saying you are wrong Mike, just there seems to be some miscommunication somewhere. Certainly interested in any further info on this one.
Edit.. wondering if the article is basing the premise on this portion...
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Harper's promise is similar to a program enacted by Nova Scotia's government, which promised a $150 healthy living tax credit in the 2003 provincial campaign. However, by the time the program actually came to be implemented, the tax credit had become a tax deduction -- meaning parents didn't see the full $150 benefit.
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If that were the case, I would be ticked at Harper for twisting a promise too. (not that it impacts me.) Be a straight shooter SH.