The Demise of the Fitness and Arts Credit

In case you hadn’t noticed, the September 2017 BC Budget has put the final nail in the coffin for the Fitness and Arts Tax Credit.

The federal government had withdrawn these tax credits in 2016, but BC hung on with their provincial component. 2017 is now the last tax year that you will be able to claim the Fitness Tax Credit and the Arts Tax Credit (along with the $500 bonus for disabled kids).

Don’t get too excited about these credits.  If you somehow manage to claim the maximum amount ($500 plus the $500 disability bonus) you will only save $50 on your taxes.  Certainly worth doing, but hardly a windfall.

In reality these credits are only valuable to those who are back dating their tax credits for previous years.

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