Posted on: 05-11-04 14:39:52
I came to toranto in october .. i have a baby who is 16months old can anyone tell me is direct deposit for child tax benift good..
Pls advice me if there are any other befits for childrens
I don't see anything wrong with using direct deposit. It is a time saver ie., you don't need to go to the bank or use the ATM to deposit cheques.
I find it very convenient and useful.
Daks
Quote:
Orginally posted by prahar30
I came to toranto in october .. i have a baby who is 16months old can anyone tell me is direct deposit for child tax benift good..
Pls advice me if there are any other befits for childrens
It is always better to have it directly deposited to the 'Child's Account' in a bank as interest earned on this deposit would not be considered your income as the case would be if it gets directly deposited in your account.
You can use this money to open RESP account for your child and that way his/her future higher education would be guaranteed. Moreover, you also get 'Canada Eductaion Savings Grant' or better known as CESG on your RESP for your children. You can search in charcha on this topic.
Thirdly, if you incur Child Care Expenses, you can claim them in your Tax Return and it could reduce your taxable income.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanx for u r suggestion pramod ji....
As iam planning to go back to india for few months which account and bank would u suggest me to open for the direct deposit of child benifits so i can access my account from india also..
regards
Quote:
Orginally posted by maxim
you will get child benefits only if your child & you are physically living in Canada.
Scotia bank is pretty good,as this bank has branches in India too.
I was listening to Band Baja radio yesterday and the "Expert" was telling that you allowed to claim child tax benefits as long as your status is PR but you also have to declare your income in other country(India or elsewhere) and pay tax in Canada on that income if applicable.
I think this link will be of some help
http://www.cra-arc.gc.ca/tax/nonresidents/individuals/temporary-e.html
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