OTTAWA, ONTARIO--(Marketwired - Jan. 24, 2017) -
Congratulations! If you have a new baby or a baby on the way, there are many benefits and credits you may be eligible to receive, and tax changes to consider.
Apply for child benefits
With the Automated Benefits Application (ABA), you can automatically apply for child benefits when registering the birth of your new baby. If you live in a province that has ABA and give your permission, you will automatically be applying or registering for:
If you live in a territory that does not have ABA, you can apply for child and family benefits using the "Apply for child benefits" service through My Account or by completing and mailing Form RC66, Canada Child Benefits Application to your tax centre.
Can you claim the working income tax benefit?
Your baby is considered an eligible dependent, which means you may now claim the working income tax benefit (WITB), or the amount you claimed before might increase. The WITB is a refundable tax credit that provides tax help for working low-income families and individuals. Eligible individuals and families may be able to apply for WITB advance payments, which are paid quarterly.
Save for your child's education
It's never too early to start saving for your child's future education by contributing to a registered education savings plan (RESP). Programs such as the Canada education savings grant (CESG) and the Canada learning bond (CLB) are other reasons for creating an RESP for your child. These programs may provide incentives for using an RESP to save for a child's education after high school (post-secondary education).
For more information on child and family benefits, go to cra.gc.ca/benefits.
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