Is your child enrolled in an ongoing physical activity program? If so, you may qualify for the children’s fitness tax credit. The proposed tax credit will allow parents to claim a maximum of $500 per year for eligible fees paid for each child under 16. Starting in 2007, you should receive a receipt from organizations providing physical activity programs for your kids.

Weekly lessons qualify, but so do some weekly camps, as long as they meet the ‘ongoing’ and ‘physical activity’ measures as defined by the government. So don’t forget to ask for your receipts.

‘ongoing’ = either a minimum of eight weeks duration with a minimum of one session per week for a minimum of 8 weeks, or a suitable children’s camp of five consecutive days;
‘physical activity’ = contributes to cardio-respiratory endurance plus one or more of: muscular strength, muscular endurance, flexibility, or balance;

For more info, check out the Government of Canada website: http://www.cra-arc.gc.ca/whatsnew/fitness-e.html

The federal application for financial aid, better known as the FAFSA, may be used to apply for federal aid and aid from other sources, such as your state or college. January 1, is the first day of processing for the FAFSA for the following academic year. If your child is already attending college, then remember that the FAFSA application must be renewed each year.

All FAFSAs must be submitted online. It’s vital to complete the form quickly and accurately, to ensure that you get the maximum amount of aid. So when should you apply for your FAFSA? That’s right - the first 60 seconds that you are eligible to do so, usually on New Year’s Day. Why? Because the FAFSA application controls access to student loans and grants, and the earlier your FAFSA gets in, gets processed, and gets done, the more eligible you are for grants and scholarships which have a limited pool of money that’s first come, first served.

That means that the time to prepare is now! So set aside an evening to gather your financial information, visit the FAFSA website, www.fafsaonline.com. Start with the FAFSA Form Help Guide, where you can download a paper working copy of the application, view the tutorial, get tips for avoiding common mistakes, and learn how to qualify for maximum amount of aid.

Best of luck!