The Child Disability Benefit is a government program aimed at assisting Canadians who are raising children with severe and prolonged impairment in either physical or mental functions. Those families who qualify for the Child Disability Benefit will receive tax-free monthly payments to help assist in t...
For the purposes of this calculator, the following assumptions were made: Calculator Inputs For the purposes of this tool, the maximum limit for a child's current age is 18 and the maximum limit for your child's age starting post-secondary education is 31. For more information on age limit...
A busy, 3-child family, all under age 6, with a family net income of $70k/year would receive a benefit of a little over $1,300/month. At that income level, an extra $1k/month after-tax can make a massive difference! Now, if we take a closer look at that hypothetical family, ...
No. TFSA contributions and withdrawals do not impact any federal government assistance programs such as the Canada Child Benefit program or Guaranteed Income Supplement. This means that those who benefit from these programs can continue to use the TFSA to generate tax-free income without affecting th...
For instance, a fairly healthy 30-year old, non-smoking Ontario woman, would only pay $21 per month for a $500,000 death benefit on a 20-year policy. And the price will be even lower if she decreased that death benefit. When you personalize your life insurance policy so that it sui...
RESPs can be a great way to save for a child’s post-secondary education. The money invested in an RESP can grow tax-deferred until the time of withdrawal, and the best part is that the government can contribute up to $7,200 directly to a child’s RESP. ...
The child or children were born after December 31, 1959. You received lower earnings to help raise children under the age of seven. You or your spouse or common-law partner received Family Allowance payments or were eligible for the Canada Child Tax Benefit. The child-rearing provision may on...
Disability Credit Canada will help you get the most out of your Disability Tax Credit, CPP Disability, and Long term disability application whether you are applying for your child, your spouse or yourself. With over 90% success rate we can safely say: “If we can’t get you approved, no...
Defined Benefit Pensions can also be split with a spouse for tax purposes – this can be a huge advantage for families where one spouse is a government employee. Here are some additional income splitting ideas. Consider annuities. We’ve got the most comprehensive guide to Investing in ...
Canada Pension Plan, Old Age Security pension and related benefits, the Canadian retirement income calculator and retirement planning. Family benefits Maternity and parental leave, Employment Insurance, Canada Child Benefit, and survivor's pension. ...