There may be more potential benefits offered by the Canadian government than what you are aware of. Missing out on one or two may not seem like that big of a deal to you, but these benefits and potential tax credits can add up throughout the year and make a difference to your tax obligations. One benefit that you may be eligible for is the Universal Child Care Benefit (UCCB).
Many times both parents of the children have to go to work. This creates a need to find proper day care for the children, and especially when first starting out in a new job it can create an extra financial burden even though employment income will still be coming in.
Like most everything that we have to pay for the cost of child care has risen. To help offset this, the UCCB is a payment of $100. each month for those that are eligible. This benefit is applicable for children under the age of six, and there is other criteria that must be met as well.
It is not just the parent that may be eligible for this but could be the grandparent or guardian. It is paid to the individual who is responsible for the child‘s daily needs and oversees their medical care, and would be responsible for arranging for the daycare needs. In most cases it is the female of the home, but it can also be applicable to the father as well. In summary, it is intended for the individual who is responsible for the care and upbringing of the child.
There are other regulations that come with this but it would be well worth your while to check these out to see if you are eligible. If you know that you are going to be going back to work, then you should apply for the Universal Child Care Benefit as soon as possible.
At the time of birth of your youngster you may have filled out the automated benefits application. If so, then you should not re-apply for the UCCB. As long as you meet the requirements, you will receive the UCCB payments until the child turns six.
Be sure to ask your Toronto tax accountant about any other benefits or tax credits that you may be eligible for. He will be able to direct you as to what forms you would need to fill out and the eligibility requirements. Remember, all these small benefits on their own don’t seem like much but they up add over the year.
