Canada is looking at making gym memberships a tax write-off. A fitness board has asked the Canadian government to consider this cost as a medical expense. If the government agrees, Canadians will get a financial incentive for working out.
Experts in physical fitness noted that things that inspire anyone to get out and move would improve the country’s bottom line because sick people cost a lot of money. Incentivizing simple activity is one method that can have a positive impact on society as a whole.
The fitness board that presented this to the Canadian government also provided documentation to explain why this action can save lives and money. The data presented showed that only about 20% of Canadians did enough physical activity each week. It is recommended that individuals get slightly more than two hours of moderate to intense cardiovascular exercise every seven days.
When the numbers are broken down, a person should get about 30 minutes, five days a week, and if they can’t squeeze in that amount of time, they can reach for 20 minutes every day of the week. This amount is enough to produce noticeable side effects.
The minister heard this information, and professionals in the industry spelled out the financial implications at the meeting. The estimate was that poor health cost Canadians almost $20 billion. If the tax credits were authorized, the group predicts that there would be a 500% gain in the Canadian budget over time.
The case started with the idea that fitness is like a pharmaceutical drug, and insurance companies pick up this expense. Why not expand the meaning of pharmaceuticals? Exercise can improve all areas of a person’s life, including mental and emotional health.
The coronavirus and lockdowns were also mentioned. The team pointed out that the pandemic was responsible for new cases of anxiety and other emotional imbalances. It has been well documented that simple forms of exercise can help relieve stress, and when coupled with other therapies, it can catapult positive change.
Another benefit that would arise from implementing this system was employment. Gyms and fitness facilities have been forced to close for public health. As they begin to reopen, the new influx of members would lead to more jobs and a healthier economy in the financial and physical sense.
The Fitness Industry Council presented this information. The panel represents over 5,000 gym owners, and these facilities already employ over 100,000 Canadians. This change could bring new careers to the next generation.
