Parenting & Family

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

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  • Aug 20th, 2017 12:16 pm
[OP]
Newbie
Oct 25, 2015
85 posts
57 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.
11 replies
Deal Addict
Jul 18, 2016
1608 posts
578 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 Guru
Aug 22, 2011
13983 posts
3525 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
3809 posts
1670 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
924 posts
312 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.
Deal Fanatic
May 29, 2006
8171 posts
1229 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
21 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 Guru
Aug 22, 2011
13983 posts
3525 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
21 posts
2 upvotes
Call to service Canada? I thought It needs to be done in the forms by myself
Deal Guru
Dec 31, 2005
13103 posts
634 upvotes
Financial gains? Make them work. Start them young....
Deal Addict
User avatar
Aug 16, 2010
3701 posts
423 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
4637 posts
375 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

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