Parents eligible for tax breaks

This year, Yukon children are worth a little more coin. The Yukon government announced two new child-tax credits on Monday.

This year, Yukon children are worth a little more coin.

The Yukon government announced two new child-tax credits on Monday.

Combined, the two credits could save parents up to $176 annually, according the government.

The Yukon Child Tax Credit could provide a $140.80 in savings for each child under the age of 18.

The Yukon Child Fitness tax credit could save parents $35.20 annually.

That tax credit will support kids’ participation in sports and recreational programs, according to a government release.

Parents raising children with disabilities can claim an additional $500 under the fitness tax credit because of the extra costs associated with specialized physical activity programs.

Tax credits are always welcome, but the twin tax credits do not go far enough to help families struggling with their finances, said Opposition leader Arthur Mitchell.

“They’ve presented something that maxes out at $35 per child and that doesn’t buy you much in sports these days,” said Mitchell.

There are also needy families without children who won’t receive any assistance, noted Mitchell.

Announced in a news release, the tax credits will be in effective for the 2007 income tax year.

The tax credits match federal tax credits introduced for 2007.

Combined with the federal savings, the new tax credits could save parents $563.50 annually, according the news release.

“(The tax credits) will assist parents in offsetting some of the costs of raising their families, as well as encourage their children’s participation in programs that contribute to healthy, active living,” said Fentie in the news release.

Fentie was not available for comment.