Parenting & Family

Just had our first child - what are some financial gains i should take advantage of?

  • Last Updated:
  • Sep 2nd, 2017 10:05 am
[OP]
Newbie
Oct 25, 2015
92 posts
60 upvotes
Guelph, Ontario

Just had our first child - what are some financial gains i should take advantage of?

Hello fellow RFD'ers

My wife and I just welcomed our baby boy on July 11th, 2017. There were some hiccups along the way but thankfully, baby and mother are both doing well now.
Now that they are healthy, i want to start focusing on the financial aspects a bit more..

What are some things that I should take advantage of? are there any govt rebates or cheques that we can apply for? what is the best bank account for a newborn baby? any other financial advice you could provide?

this is our first child and i don't have any experience in this stuff so any help that you guys could give would be appreciated.
18 replies
Deal Addict
Jul 18, 2016
1866 posts
683 upvotes
The three big one are an additional amount added to the HST and Trillium, and also the Canada Child Tax credit. Of course, each of these are income dependent. When your child was born, you should have been given a little packet by the hospital that helps you to apply for each of these and helps you to apply for the birth certificate.

http://settlement.org/ontario/employmen ... -the-cctb/
Last edited by bewiseman on Jul 25th, 2017 10:57 am, edited 1 time in total.
Deal Expert
Aug 22, 2011
16291 posts
4936 upvotes
Ottawa
RESP and Enhanced Universal Child Care Benefit (which is based on your family income).
Other than that, don't expect much of anything else.
Deal Addict
User avatar
Mar 23, 2008
4919 posts
2435 upvotes
Edmonton
Yes, start the RESP ASAP, to maximize the money that the government puts into it for you, and leverage it for as long as possible.

C
Sr. Member
Jan 2, 2015
980 posts
366 upvotes
Congratualations! Glad to hear everyone is okay.

Pretty everyone has covered the benefits. The biggest is the Resp. Just make sure you don't open up one of those universal plans, or CST they are leeches and some how call when you are most vulnerable.
On a 'smart' device that isn't always so smart. So please forgive the autocorrects and typos. If it brothers you, then don't read my posts, but don't waste my time correcting me. If you can get past the typos, then my posts generally have some value.
Deal Fanatic
May 29, 2006
8463 posts
1395 upvotes
most of the benefits don't come into play until the first income tax filing after the child is born. and they used to run on a july to june formula,

so a baby born in march 2017, wouldn't become a check until july 2018

this may have changed with the new government, I'm not sure.
Newbie
Jul 13, 2017
31 posts
2 upvotes
Could any of you please let me know how can I make sure Tax will be deducted from each bi-weekly payment, so that I don't owe a lot at the end of maternity leave. I am not intending to get maximum payment I would be eligible for. It states on website "the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount".
Deal Expert
Aug 22, 2011
16291 posts
4936 upvotes
Ottawa
Tbik78 wrote:
Aug 3rd, 2017 3:14 pm
Could any of you please let me know how can I make sure Tax will be deducted from each bi-weekly payment, so that I don't owe a lot at the end of maternity leave. I am not intending to get maximum payment I would be eligible for. It states on website "the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount".
You have to call in and request it.
Newbie
Jul 13, 2017
31 posts
2 upvotes
Call to service Canada? I thought It needs to be done in the forms by myself
Deal Guru
Dec 31, 2005
13220 posts
681 upvotes
Financial gains? Make them work. Start them young....
Deal Addict
User avatar
Aug 16, 2010
4005 posts
558 upvotes
Aurora
Tbik78 wrote:
Aug 3rd, 2017 3:14 pm
Could any of you please let me know how can I make sure Tax will be deducted from each bi-weekly payment, so that I don't owe a lot at the end of maternity leave. I am not intending to get maximum payment I would be eligible for. It states on website "the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount".
I would think that would be the TD1 form that your employer should have had you fill out at the beginning of employment.
https://www.canada.ca/en/revenue-agency ... eturn.html
Deal Addict
User avatar
Nov 13, 2010
4756 posts
406 upvotes
Scarborough
how long before that CCTB payment comes through? Our baby is 2+ months old and still no sign of cctb even with everything done online right away
So damn slow on everything
Newbie
Nov 25, 2016
41 posts
20 upvotes
apnayloags wrote:
Aug 20th, 2017 12:16 pm
how long before that CCTB payment comes through? Our baby is 2+ months old and still no sign of cctb even with everything done online right away
So damn slow on everything
We received first payment around 1.5 months ; we submitted forms around 0.5 months.
Penalty Box
Mar 23, 2016
775 posts
210 upvotes
CNeufeld wrote:
Jul 25th, 2017 11:14 am
Yes, start the RESP ASAP, to maximize the money that the government puts into it for you, and leverage it for as long as possible.

C
Where do you start an RESP?
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Deal Expert
Aug 22, 2011
16291 posts
4936 upvotes
Ottawa
springdays wrote:
Aug 26th, 2017 1:03 am
Where do you start an RESP?
At the bank as a self-directed investment, or you can pick a GIC or Mutual Fund.

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