Just had a baby, what tax breaks ect are there? - Page 3 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

MoneyGuy · 03-20-2012, 05:32 PM

New baby and looking for tax breaks? You'll get lots of breaks.

The kid will break your stuff, break your bank account and maybe your hearts in 18-20 years. But it's well worth it. Congrats.

Sylvanfan · 03-20-2012, 10:06 PM

The daycare write off also only applies to the lower income. My wife works 32 hours a week, she can't handle any more than that. So we need full time care for our guy. So we had costs of $9400 last year for a kid aged 11 months to 23 months. This year it will be $8400....I wish they would let you write off any legit overages against the higher income.

They really need to adjust these amounts based on where you live. It's tough to find good child care in this province for less than that.

Rathji · 03-20-2012, 10:22 PM

Quote:

Originally Posted by MoneyGuy

New baby and looking for tax breaks? You'll get lots of breaks.

The kid will break your stuff, break your bank account and maybe your hearts in 18-20 years. But it's well worth it. Congrats.

Dead on, except you forgot the feces all over everything.

Wormius · 03-20-2012, 10:45 PM

Quote:

Originally Posted by Rathji

Dead on, except you forgot the feces all over everything.

I just got 5 sneezes in the face from our 2 year old. No loud pre-sneeze inhale or facial expression to give any warning, just rapid-fire sneezing with lots of spray.

Not sure about the feces though... our kids want to touch their own feces even less than we do.

V · 03-20-2012, 11:42 PM

I'll never forget the morning I walked into my daughter's room when she had taken her diaper off, and smeared the feces over absolutely everything she could get her hands on.

I closed the door and went to work. That's exactly why we have a stay at home mom.

Slava · 03-21-2012, 07:17 AM

Quote:

Originally Posted by V

I'll never forget the morning I walked into my daughter's room when she had taken her diaper off, and smeared the feces over absolutely everything she could get her hands on.

I closed the door and went to work. That's exactly why we have a stay at home mom.

We had to tape my daughters diaper on for that exact reason. Hilarious if you have to go to work, although I somehow managed to never be the cleaner in that situation, so its probably easier to laugh it off.

Slava · 03-21-2012, 10:27 AM

Quote:

Originally Posted by fotze

Her wedding stories are already written?

Complete with photos! I'm not a fan of a big wedding, but the father of the bride might need a couple of hours at that one!

yads · 03-21-2012, 03:49 PM

Quote:

Originally Posted by Wormius

But I'd pay them a fair wage, and they wouldn't actually have to do any real work (it's not illegal to hire people who aren't qualified for their job) - the only stipulation would be that they need to use the money to pay for things like food/clothes/gas/toys/resp/vacations. They don't get taxed on it because I wouldn't pay them more than $14k each, and I reduce the amount I get taxed on. I just wonder if it needs to be a legitimate business of some kind? But still there is something that I feel like I am missing that would nullify any benefits that I would see. Kind of like when Kramer and Newman wanted to take the bottles to a depot in another state.

It is illegal to hire kids under 12 except for occasional garden or babysitting work. Kids 12 and older are restricted in their occupations as well as hours worked (12-14 year olds). At $14K/year for ~$10/hour they'd be "working" the maximum time allowed (2 hours school days and 8 hours weekend days).

Also, the whole plan to just pay them for not working to get around taxes would likely be considered fraud.

Table 5 · 12-19-2012, 03:33 PM

Wasn't sure where to put this, so I'll do it here since maybe some recent parents can help.

My wife recently had a baby, and when we discharged, I had some papers shoved in front of me that I had to fill out. One of those was for the Child Tax credit, and the other was I think for her SIN. I'll be honest, I was all hungup on making sure the trip home went smooth instead of focusing on the paperwork, so I'm not 100% sure where things stand with the SIN.

Recent parents...did they make you fill out a SIN application in the hospital? Or did you have to fill out something else completely? Obviously need one so I can start putting her to work around the house. Oh, and setting up an RESP.

Looking through some stuff, I see that she received something called a Unique Lifetime Identifier. Not 100% sure what that's for (perhaps her health number) but I that's not some sort of automatic SIN is it?

Rathji · 12-19-2012, 03:45 PM

When we had our first, we had to go fill out SIN forms later at some government office. I don't recall for the other 2.

No idea what a Unique Lifetime Identifier is and I have 3 kids, 5 and under.

tete · 12-19-2012, 04:53 PM

I'm pretty sure that we signed up for her SIN in the hospital. The other form was for the registry - and BTW, if you want her birth certificate, you have to request it, it doesn't automatically get sent out.

cSpooge · 12-19-2012, 07:19 PM

Quote:

Originally Posted by Table 5

Wasn't sure where to put this, so I'll do it here since maybe some recent parents can help.

My wife recently had a baby, and when we discharged, I had some papers shoved in front of me that I had to fill out. One of those was for the Child Tax credit, and the other was I think for her SIN. I'll be honest, I was all hungup on making sure the trip home went smooth instead of focusing on the paperwork, so I'm not 100% sure where things stand with the SIN.

Recent parents...did they make you fill out a SIN application in the hospital? Or did you have to fill out something else completely? Obviously need one so I can start putting her to work around the house. Oh, and setting up an RESP.

Looking through some stuff, I see that she received something called a Unique Lifetime Identifier. Not 100% sure what that's for (perhaps her health number) but I that's not some sort of automatic SIN is it?

There is a combined form now that does SIN, birth registration, birth certificate and child tax benefit now in most provinces (AB inc.).

Table 5 · 12-19-2012, 09:15 PM

Quote:

Originally Posted by cSpooge

There is a combined form now that does SIN, birth registration, birth certificate and child tax benefit now in most provinces (AB inc.).

That's probably what it was. Although I do remember them saying, that I have to go down to the Registry to get a birth certificate once I get her SIN, so that's not an automatic.

Bigtime · 12-20-2012, 07:30 AM

Quote:

Originally Posted by Table 5

That's probably what it was. Although I do remember them saying, that I have to go down to the Registry to get a birth certificate once I get her SIN, so that's not an automatic.

Correct, when her SIN comes take a picture. Your baby's first mail!