I’m a new Mom. I get a small amount of money each month in child tax from the government. I was surprised when they sent me a nice cheque for $100 for Universal Child Care Benefit. Babies are expensive, I’ll take help where I can get it.
The other day I got a benefit statement from the government. It turns out I have to claim this “benefit” as income. That’s like giving someone a present and saying, ya but at the end of the year you have to give part of the gift back.
Gosh, Thanks for the help there Harper!
—A Not so Benefited Mom
This article appears in Feb 5-11, 2009.
Good news is, those benefits won’t actually put you in any real danger of extra income, because your child will qualify as a dependent. You’ll probably pay less tax overall actually because of the dependency claims. So, at the end of the year, you’ll pay less tax. 100 bucks a month won’t put you into a higher tax bracket either unless you were already straddling it anyways, in which case you could afford to either pay more tax or contribute to RSPs to lower your tax burden. See? Nothing to worry about!
How is this a bitch. My cousin got this money and then had to claim it as income and ended up paying taxes on it.
It’s income — money coming INTO your house so suck it up.
Dr. Fever’s right: you can claim jr as a dependent so it all works out in the end.
Yup it is income, 1200$ a year. And yes, it isn’t a help make it 200$ and we’ll talk.
casino/gambling is the only way I’ve found to get the taxman off your back for income and even then there’s plenty of risk in the portfolio.
Also perhaps this would be best placed in an RESP. still tax sheltered and it’ll help quite a bit in the long run.
Condoms are cheaper than babies!
It all works out in the end if you have one kid and then another and another and another and another and another and another and another and lets keep going til we hit our 50s and never had a job exept for popping out kid after kid for money while the rest of us have to work.
That’s right you ungreatful fucker. You don’t even deserve that $1200. I know people who would take the help and not complain. So shut the fuck up and be thankful you get what you get. Sick of whiney parents.