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Dh and I were talking last night, does anyone know if having a child is beneficial at tax time? I know you can claim for child care and such (I'm still on mat leave) but is there anything else? Also, who should claim the child, me with the lowest income this year or dh?
Not really... the only thing that you will benefit from is Child Tax Credit and Universal Child Care Benefit, but that is based on the total family income anyhow. But I think I remember seeing a $400 credit at tax time taken out of the family income not to be taxed on... but I dont remember what that was for. But $400 not to be taxed on doesnt come out to much either.
But your total family income will determine how much you get for CTB in July
Fiancee to Dave
Mommy to :