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Taxes

When you had your baby, you not only gained a loved one, you also gained various tax advantages in the eyes of the Canadian government.

Canada Child Tax Benefit

The Canada Child Tax Benefit (CCTB) is a financial contribution to help families with the cost of raising children under age 18. It is aimed at low- and middle-income families, and the amount is determined according to the age and number of children in a family, household income and childcare expenses. Benefits are paid monthly, and are non-taxable. There is a basic benefit for each child under 18, and a supplement for the third and each additional child. As well, there's an additional supplement for each child under age seven. The CCTB also includes a supplement for low-income working families. Again, this supplement is based on the number of children and family income.

To be eligible to receive the CCTB, you have to live with the child and be a resident of Canada for income-tax purposes. To apply, you must complete an application form (you can find information at www.cra-arc.gc.ca/benefits/cctb/menu-e.html), or call your local Canada Revenue Agency tax service centre, at 1-800- 387-1193, or contact your local Canada Revenue Agency tax service centre.

GST Credit

The Goods and Services Tax (GST) Credit is a federal credit designated to assist lower- and modest-income Canadians. Credits are based on a combination of family size and income.

Information and forms are available over the Internet at www.cra-arc.gc.ca or call Canada Revenue Agency at 1-800-959-8281.