Depending on your family income thresholds, the CCB amount can be an extra few hundred dollars in your pocket each month. The maximum amounts change each year, so be sure to check the official CCB website<\/a> for current estimates.<\/p>\r\n\r\n\r\n\r\n Read more: How To Get A Cash Advance On Your Child Tax Credit Benefit (Aka Baby Bonus)<\/a><\/p>\r\n\r\n\r\n\r\n Canadian parents can save for their children\u2019s post-secondary education with a Registered Education Savings Plan<\/a> (RESP). An RESP is very useful for taxation purposes because you can earn interest on your contributions tax-free.<\/p>\r\n\r\n\r\n\r\n There is no maximum annual contribution but since the Canada Education Savings Grant (CESG)<\/a> matches 20% of your RESP contributions to a maximum of $500 per year, you only need to contribute $2,500 annually to enjoy full benefits.<\/p>\r\n\r\n\r\n\r\n For example, if you contribute $500 in one year, the government will give you $100 in grant money. Deposit $2,500 and you\u2019ll get the full $500. Keep in mind the CESB has a lifetime limit of $7,200 per child.<\/p>\r\n\r\n\r\n\r\n The money in the RESP will not be taxed until money is withdrawn to pay for your child’s education. But, since your child will presumably belong in a lower tax bracket, you’ll pay almost nothing in taxes.<\/p>\r\n\r\n\r\n\r\n The maximum RESP contribution is $50,000 per beneficiary.<\/p>\r\n\r\n\r\n\r\n Read more about the Registered Education Savings Plan (RESP)<\/a> here.<\/p>\r\n\r\n\r\n\r\n The number one way to reduce the amount of taxes you\u2019ll owe, or help obtain your maximum refund, is to claim the amount you spent on childcare as tax deductions. From daycare to nursery schools to boarding schools and other related expenses, make sure you save every single receipt.<\/p>\r\n\r\n\r\n\r\n By claiming these expenses, you could be entitled to money back, which will either lower the amount owing on your tax return or increase the refund you\u2019ll receive.<\/p>\r\n\r\n\r\n\r\n For more information on claiming childcare expenses, click here<\/a>.<\/p>\r\n\r\n\r\n\r\n If you have had a baby since the last time you filed your taxes, you can claim some of the costs<\/a> you might have incurred. For instance, if you invested in prenatal care with a nurse or upgraded to a private room at the hospital, you can claim these expenses in your tax return.<\/p>\r\n\r\n\r\n\r\n Additionally, if you went through fertility treatments\u2014such as an IUI or IVF\u2014you can claim those expenses as well on your tax return. Many people don\u2019t realize these are expenses you can claim, so if you discarded your receipts for these treatments, try contacting your fertility specialist\u2019s office and asking if they can send you another copy.<\/p>\r\n\r\n\r\n\r\n Read more: Maternity Leave Loans & Benefits: What To Expect When You\u2019re Expecting<\/a><\/p>\r\n\r\n\r\n\r\n If you\u2019re the parent of an older child who\u2019s in post-secondary school, you might be able to leverage their unused tuition amounts<\/a>. Tuition amounts are intended to help parents and students alike manage the rising cost of post-secondary education. These don\u2019t have to be university or college tuition amounts either, just post-secondary education.\u00a0<\/p>\r\n\r\n\r\n\r\n Regardless of who is paying the tuition, your child (the student) must claim their tuition fees paid on their own tax return first, but if they have a lower net income, they won\u2019t be able to claim the full tuition amount. In this case, the student can transfer the unused tuition amount to a parent, grandparent, spouse, or common-law partner.<\/p>\r\n\r\n\r\n\r\n If you\u2019re a parent who is paying for their child\u2019s tuition and\/or providing room and board, asking them to transfer their unused tuition amounts to you since they can be transferred to family members is a smart way to lower your tax burden. Unused amounts can also be carried forward to the next tax year.\u00a0<\/p>\r\n\r\n\r\n\r\n The goods and services tax\/harmonized sales tax (GST\/HST) credit is a tax-free payment that helps families with low to modest incomes offset all or part of the GST or HST they pay. In 2025, the maximum annual amount<\/a> you can receive is $519 if you\u2019re single, $680 if you\u2019re married or living common-law, and $179 for each child under the age of 19. The amounts are based on your family\u2019s income, the number of children you have registered for the Canada child benefit, and the GST\/HST credit. You don\u2019t have to earn income, just receive income. You don\u2019t need to apply for this credit, as eligibility<\/a> is automatically determined when you file your taxes. If you qualify, you\u2019ll receive quarterly payments<\/a> in July, October, January, and April.<\/p>\r\n\r\n\r\n\r\n Read more:<\/strong> Who Is Eligible For The GST\/HST Credit & How Much Can You Get?<\/a><\/p>\r\n\r\n\r\n\r\n Spring Financial<\/a>\u00a0offers personal instalment loans of up to $35,000 and payment plans up to 60 months. Apply in 3 minutes and get the money e-transferred to your account within 24 hours!<\/p>\r\n Click here to apply now.<\/a><\/p>\r\n<\/div>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n If you\u2019re the parent of an older child who\u2019s in post-secondary school, you might be able to leverage their unused tuition amounts<\/a>. Tuition amounts are intended to help parents and students alike manage the rising cost of post-secondary education.<\/p>\r\n\r\n\r\n\r\n Regardless of who is paying the tuition, your child (the student) must claim their tuition fees on their own tax return first, but if their income is too low, they won\u2019t be able to claim the full tuition amount. In this case, the student can transfer the unused tuition amount to a parent, grandparent, spouse, or common-law partner.<\/p>\r\n\r\n\r\n\r\n If you\u2019re a parent who is paying for their child\u2019s tuition and\/or providing room and board, asking them to transfer their unused tuition amounts to you is a smart way to lower your tax burden.<\/p>\r\n\r\n\r\n\r\n The goods and services tax\/harmonized sales tax (GST\/HST) credit is a tax-free payment that helps families with low to modest incomes offset all or part of the GST or HST they pay. In 2024, the maximum annual amount<\/a> you can receive is $496 if you\u2019re single, $650 if you\u2019re married or living common-law, and $171 for each child under 19. Amounts are based on your family\u2019s net income and the number of children you have registered for the Canada child benefit and the GST\/HST credit. You don\u2019t need to apply for this credit, as eligibility<\/a> is automatically determined when you file your taxes. If you qualify, you\u2019ll receive quarterly payments<\/a> in July, October, January, and April.<\/p>\r\n\r\n\r\n\r\n Read more:<\/strong> Who Is Eligible For The GST\/HST Credit & How Much Can You Get?<\/a><\/p>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n Are you a low-income worker? If so, the Canada Workers Benefit (CWB) is a refundable tax credit you can claim when you file your taxes<\/a>. The CWB also includes a disability supplement if you have an approved Disability Tax Credit Certificate (Form T2201) on file with the CRA.<\/p>\r\n\r\n\r\n\r\n The benefit offers up to $1,516 for single individuals and $2,616 for families. Keep in mind you no longer qualify for the CWB when your individual net income is more than $35,095, or your family net income is over $45,934. Maximum amounts are also different for residents in Alberta, Nunavut, and Quebec<\/a>.<\/p>\r\n\r\n\r\n\r\n If you\u2019re eligible, you can request 50% of your benefit as an advance payment<\/a>, which is paid out in April, July, October, and January.<\/p>\r\n\r\n\r\n\r\n Read more: Canada Workers Benefit (CWB): How It Works, Eligibility & Advance Payments<\/a><\/p>\r\n\r\n\r\n\r\n You\u2019re probably familiar with the Disability Tax Credit (DTC) if you\u2019re caring for a child with a physical or mental impairment, but did you know you could also collect a supplementary amount called the child disability benefit<\/a>? The benefit is a tax-free monthly payment providing up to $3,332 annually (July 2024 to June 2025) for each child who is eligible for the DTC. Payment amounts depend on the number of eligible children, adjusted family net income, and marital status. There is no need to apply for this benefit as you\u2019ll automatically receive it if you\u2019re already getting the Canada child benefit for your DTC-eligible child.<\/p>\r\n\r\n\r\n\r\n Read more: Disability Tax Credit: Who Qualifies, How Much Is It, and How to Apply<\/a><\/p>\r\n\r\n\r\n\r\n Government agencies and institutions that care for children (i.e. children\u2019s aid societies) can qualify for Children\u2019s Special Allowances (CSA)<\/a>. Monthly CSA payments are equivalent to the maximum Canada child benefit payment plus the child disability benefit. Individual caregivers such as foster parents can\u2019t apply for this program on their own, however, licensed agencies can submit applications and send CSA payments straight to foster parents. If you\u2019re choosing to adopt, you can write off the adoption expenses as well.\u00a0<\/p>\r\n\r\n\r\n\r\n In addition to federal tax relief programs, each province and territory offers its own children and family benefits. From the BC climate action tax credit<\/a> to Quebec\u2019s Child Assistance Payments<\/a> to the Ontario Trillium Benefit<\/a>, there are a variety of benefits you may be eligible for depending on where you live. Check out the Government of Canada\u2019s website<\/a> for a full list.<\/p>\r\n\r\n\r\n\r\n Depending on where you live in Canada, some provinces still allow you to claim children\u2019s fitness and activities on your income tax return. Due to the fact that the cost of raising children is high, you can claim up to $500. That said, it\u2019s important to note that these tax breaks are only available in parts of Canada.\u00a0<\/p>\r\n\r\n\r\n\r\n Most of the above tips apply to all parents, whether they\u2019re together, separated, or single. There are some special considerations, however, that single parents should be aware of.<\/p>\r\n\r\n\r\n\r\n If you\u2019re a single parent, you might be eligible to claim your child for an eligible dependant amount. You can only claim one dependent at a time, so if you have multiple children, you can only claim one as a dependent. Doing this will reduce what you owe to the CRA. To be eligible, the child must be 18 years or younger and live in the same residence as you.<\/p>\r\n\r\n\r\n\r\n If you\u2019re separated from your spouse and share custody, only one of you can claim an eligible child as a dependent. If you share custody of two eligible children, each parent can claim one as a dependent. If either parent pays child support, that parent is ineligible to claim a child as a dependent.<\/p>\r\n\r\n\r\n\r\n If you\u2019re a single parent who doesn\u2019t share custody, you can receive the full amount of the Canada Child Benefit. In a shared custody situation, it\u2019s still possible to receive the benefit, but you might have to split the benefit so that each parent receives 50%. In some cases, it goes to the lower-income spouse or parent.\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":" There\u2019s no two ways about it: the cost of raising a child in Canada is high whether you have one child, two children or more. So, when tax season rolls around, you want to make sure you\u2019re not paying more than you need to. You want to lower your tax burden and maximize your potential return. Luckily, the Canada Revenue Agency offers tax relief and a variety of family benefits paid throughout the year so parents can make their hard-earned dollars go further.<\/p>\n","protected":false},"author":23,"featured_media":3297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58],"tags":[],"class_list":["post-493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips"],"acf":[],"yoast_head":"\n2. Open a Registered Education Savings Plan (RESP)<\/h2>\r\n\r\n\r\n\r\n
3. Claim Your Child Care Expenses<\/h2>\r\n\r\n\r\n\r\n
4. New Parent? Claim Your Medical Expenses<\/h2>\r\n\r\n\r\n\r\n
5. Take Advantage Of Unused Tuition Amounts<\/h2>\r\n\r\n\r\n\r\n
6. Get Federal Sales Tax Back With The GST\/HST Credit<\/h2>\r\n\r\n\r\n\r\n
Need cash today?<\/h2>\r\n
7. Take advantage of unused tuition amounts<\/h2>\r\n\r\n\r\n\r\n
8. Get federal sales tax back with the GST\/HST credit<\/h2>\r\n\r\n\r\n\r\n
![\"\"](\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\")
<\/a><\/figure>\r\n\r\n\r\n\r\n9. Benefit From Tax Relief With The Canada Workers Benefit<\/h2>\r\n\r\n\r\n\r\n
10. Offset The Cost Of Childcare With Disability Benefits<\/h2>\r\n\r\n\r\n\r\n
11. Look Into Children\u2019s Special Allowances If You\u2019re A Foster Parent<\/h2>\r\n\r\n\r\n\r\n
12. Don\u2019t Forget About Provincial and Territorial Benefits<\/h2>\r\n\r\n\r\n\r\n
13. Children\u2019s Fitness Tax Credit<\/h2>\r\n\r\n\r\n\r\n
Tax Tips For Parents<\/h2>\r\n\r\n\r\n\r\n
Claiming Your Child As A Dependent<\/h3>\r\n\r\n\r\n\r\n
Claiming Your Child As A Dependent If You\u2019re Separated<\/h3>\r\n\r\n\r\n\r\n
Claiming The Canada Child Benefit When You Share Custody<\/h3>\r\n\r\n\r\n\r\n