Category Archives: Money Tips

How Will the Government Know to Send Me the New Child Benefit Money for my Older Children?

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Last fall, the Harper government announced they would change some of the children’s tax benefits. One change is they will start paying a monthly amount per child aged 0 – 17 years of age to the lower-income parent. This is an extension of the UCCB which used to pay a benefit only until the child was 6 years of age. When they made the announcement, I wondered how they were going to know who had children and what age they were: today I found out.

Watch for a Letter to Confirm the Ages of Dependent Children

In the mail today, I received a letter from The Canada Revenue Agency. It asks me to confirm the names and birth dates of our children. They plan to use this information to issue the “enhanced” Universal Child Care Benefit, UCCB, if any of our children are eligible.

What If One of My Eligible Children Isn’t on the List?

A simple correction of the name or birth date can be made by writing a letter with the correct information and mailing it back in the addressed envelope provided.

If a child is not listed at all, you can apply for this and other benefits online or by mailing in a completed Form RC66 in the enclosed envelope. In both cases, additional documentation may need to be provided.

When Will I Start Receiving this “Enhanced” UCCB for my Older Children?

According to the letter, payments will start in July 2015.

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Did you receive a letter listing all your offspring? Please share any quirks in the program with a comment.

My Best Personal Finance Decisions

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Here are some of what I believe to be our best personal financial decisions made so far.

The Number One Best Personal and Financial Decision I Have Ever Made

I married a wonderful man and we have stayed married. I do things every day to try to ensure that we stay happily married and so does my husband.

Best Education Decision

I majored in university in a discipline that would get me a well-paid career even though it wasn’t the subject I was “passionately” interested in. I studied hard enough to earn and maintain a scholarship and worked hard enough to be a desirable candidate for interviews.

Best Investing Decision

We started contributing to our RRSPs as soon as we graduated and started working. (There were no TFSAs then.)

Best Car Ownership Decision

I didn’t buy a Corolla until I had graduated and worked for 4 years and had saved enough to buy it with cash. (My husband had to buy a Tercel to drive to the rural facilities he worked at as soon as he graduated.) Aside from that one first car loan, neither of us has ever paid for a loan or a lease for a car.

Best Borrowing Decision

We have never had a loan for any other reason. Yes, that means we have never carried a balance on a credit card or had a line of credit. We did have a mortgage.

Best Home Ownership Decisions

  • We didn’t buy a home until we were in our thirties.
  • We did not buy a unit in a high-rise condominium.
  • We bought a home we could maintain and afford on one salary.
  • We paid for 40% of the cost of our home with cash.
  • We have always saved the entire cost of renovations, including the contingency cost, before starting any work.

Best Budgetting Decision

We always budgeted as if one or even both of us could get laid-off at any time. Given our industry, it was, and is, not an unrealistic scenario. We’ve always kept a large amount in accessible savings; the inevitable over-save has ended up in RRSPs, TFSAs and other investments.

Conclusion

I’m sure that there were other choices that we made that have helped us get to the comfortable place we’ve now reached.

We have also had a lot of luck and many blessings along the way. We give steadily and regularly because we know that anyone can need help at any time. No one is immune to suffering.

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What are some of the best personal financial decisions you have made?