Tax or any other benefit for child born in 2006

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arcrave
Member since: Mar 05

Posts: 93
Location:
Post ID: #PID

Posted on: 04-03-07 22:50:38

We had our first baby in Nov of 2006. I am filing my tax and though I've shown the child as a dependent it doesn't seem to have any effect i.e. if I removed the dependent the amount owed seems to be the same ( as with the child as dependent ).

I went to Canada Child tax benefit (CCTB) website and the calculator showed that we would not receive any benefit if our annual income was more than 95K/year. So I guess my question is

1) Is it true that CCTB is of no use for people above certain income group.
2) Is there any other benefit that I get for tax year 2006 for the child born in 2006 ( I mean apart from monthly universal child care benefit )

and Just fyi, my wife is a homemaker and had 0 income in 2006.

Your response is much appreciated

Thanks

sudesingh
Member since: Jul 04

Posts: 2085
Location: Toronto
Post ID: #PID

Posted on: 04-03-07 23:11:45

Quote:
Originally posted by arcrave

1) Is it true that CCTB is of no use for people above certain income group.

TRUE

Quote:
Originally posted by arcrave

2) Is there any other benefit that I get for tax year 2006 for the child born in 2006 ( I mean apart from monthly universal child care benefit )

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SS
Reiki Grand Master

dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 05-03-07 15:22:25

Quote:
Originally posted by arcrave

We had our first baby in Nov of 2006. I am filing my tax and though I've shown the child as a dependent it doesn't seem to have any effect i.e. if I removed the dependent the amount owed seems to be the same ( as with the child as dependent ).

You are alraedy claiming spousal deduction.

I went to Canada Child tax benefit (CCTB) website and the calculator showed that we would not receive any benefit if our annual income was more than 95K/year. So I guess my question is

1) Is it true that CCTB is of no use for people above certain income group.

Yes, it is true.
2) Is there any other benefit that I get for tax year 2006 for the child born in 2006 ( I mean apart from monthly universal child care benefit )and Just fyi,
my wife is a homemaker and had 0 income in 2006.

No, other benefit is available.

Your response is much appreciated

Thanks

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Loser
Member since: Sep 04

Posts: 1052
Location: Nice ,USA
Post ID: #PID

Posted on: 05-03-07 15:43:29

The goverment will put something in the RESP account if you open one for your child.

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