Just had a baby, what tax breaks ect are there?

[Gundo]

My wife just had our first baby, a healthy little baby boy. I was wondering if the other CP parents are able to shed some insight into what type of Government tax breaks, grants or anything else we should be sure apply for. I know lots of people short change themselves on things along these lines, so I just want to make sure after paying into the system for so long I get to enjoy some of the benefits.

[Northendzone]

i don't recall seeing a lot of tax breaks when the kids were little - once they get into day care then that offer a good tax break; however, it also requires a large outlay along the way. there is also the kids sports tax credit - but obviously not applicable to you

[Buff]

How about you enjoy the benefit of being a father?

[speede5]

Other than claiming a dependant, and the child tax credit, which you may have to apply for, there's not much. You can claim daycare if you use it down the road.

[You Need a Thneed]

Universal Child Care Benefit
Child Tax Credit
Alberta Centennial Education Savings Plan Grants (RESP)

[CaptainCrunch]

Save all the money you can from those tax breaks cause in 16 years he's gonna be wreckin your car.

[calumniate]

Just go check out the 'immigrants are costing us billions annually' thread

[Stillman16]

Originally Posted by Northendzone

i don't recall seeing a lot of tax breaks when the kids were little - once they get into day care then that offer a good tax break; however, it also requires a large outlay along the way. there is also the kids sports tax credit - but obviously not applicable to you

Actually, not completely true, if he or his wife want to do a baby and me activity at the community centre, that would likely apply for the child tax benefit.

I believe there are swim classes, yoga, etc. Look into it, and see if any interest you...and keep the reciepts!

[Russic]

Originally Posted by Buff

How about you enjoy the benefit of being a father?

When did he say he wasn't? It's a pretty simple and legitimate question. He's going to be putting a lot of money towards the little guy over the years. To not ask would be crazy imo.

[Rathji]

There is something you can apply to, if one parent is stay at home, that gives you some money. I can't remember what it is called, as we just were able to apply for it now that my wife's EI has run out.

Any sports and recreation is tax deductible to the parent, even if someone else pays for it. For example, my mom paid for some stuff for my daughter this past year because she wanted it to be a "Grandma Activity", but only we can claim it for our taxes.

Make sure you get with the free $500 + $200 (I think) for just opening a RESP account. Part is from Canadian government and part if from provincial, but any decent financial guy will do it for you. Whatever you do, don't sign up for one of those educational plans (like Gerber etc) without talking to someone about RESPs first, since they really are a scam in comparison. I talked to Slava and have been more than happy with his services.

[darklord700]

Tax credit on about $2100 (Fed only 15%)
Kids Sports Tax Credit $500 Max (Fed only 15%)
Kids Arts Tax Credit $500 Max (Fed only 15%)
Childcare Deduction $7000 per kid under 6

[AMG_G]

I found this site to be very informative.

http://www.servicecanada.gc.ca/eng/l...nts/baby.shtml

[MoneyGuy]

Contact Slava for an RESP PDQ.

Originally Posted by CaptainCrunch

Save all the money you can from those tax breaks cause in 16 years he's gonna be wreckin your car.

And sullying your neighbour's daughter. You forgot that part.

[Wormius]

Don't forget, if you have family who can help take care of your kids, you can pay them and deduct the amount. We had family stay with us and did this. Or you could mooch their services for free, but hopefully some of the money you give them will come back you later in the form of presents, inheritance, whatever.

[icecube]

Originally Posted by Buff

How about you enjoy the benefit of being a father?

[VladtheImpaler]

Arrange his marriage in advance and make sure you get a goodly dowry. Otherwise, listen to Money Guy and Slava.

[Buff]

Originally Posted by Russic

When did he say he wasn't? It's a pretty simple and legitimate question. He's going to be putting a lot of money towards the little guy over the years. To not ask would be crazy imo.

Just seemed cold the way he asked it. To me it felt like he cared about money more than the kid.

[Regulator75]

Originally Posted by darklord700

Childcare Deduction $7000 per kid under 6

Got a direct link to this info?

[bizaro86]

Originally Posted by VladtheImpaler

Arrange his marriage in advance and make sure you get a goodly dowry. Otherwise, listen to Money Guy and Slava.

If you get the dowry in advance, do you declare it as income in the year you get the money or the year your kid gets married?

Or is that more of a cash-under-the-table sort of deal?

[yads]

Originally Posted by Regulator75

Got a direct link to this info?

http://www.cra-arc.gc.ca/E/pbg/tf/t778/README.html

And it's $4000 for kids between 6 and 16. So you can claim babysitters, before/after school programs, etc.