Comments on: Quick Tip: Invest CCTB or UCB payments in your child’s name

By: 免稅訣竅：兒童福利金（CCTB，牛奶金）的投資方法 | Rich Settler

免稅訣竅：兒童福利金（CCTB，牛奶金）的投資方法 | Rich Settler — Tue, 21 Jul 2009 20:16:54 +0000

[...] 计算可以参考這裡的Comments。 [...]

By: Jordan

Jordan — Sun, 31 May 2009 16:53:25 +0000

The link has been changed for 2008, it is now here:

http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000-g-02-08e.html#P630_71510

As quoted in the top of the article the CRA says on this page:

“Generally, when you invest your money in your child’s name, you have to report the income from those investments. However, if you deposited Canada Child Tax Benefit or Universal Child Care Benefit payments into a bank account or trust in your child’s name, the interest earned on those payments is your child’s income.”

By: Willem

Willem — Sun, 31 May 2009 16:46:09 +0000

The CRA website mentions CCTB but not UCCB. Are UCCB payments also eligible for this “tax credit”?

(We have $100/mo/child UCCB, but negligible CCTB.)

CRA: “You have to report any interest on money you invested in your child’s name unless you deposited Canada Child Tax Benefit payments into his or her bank account or trust. That interest is your child’s income.”

By: ryanb

ryanb — Sun, 10 Aug 2008 03:29:19 +0000

Thanks for the info CC, what I meant though was in regards to depositing the Canada Child Tax Benefit or Universal Child Care Benefit payments into a bank account or trust account in my child’s name (since the TFSAs will not be available to them as they are under 18 years). Were there any bank/trust accounts that you already know of that would provide a decent return without a monthly/yearly fee? I checked out ING for this and found one, but thought I’d double check for your thoughts. Thanks.

By: Canadian Capitalist

Canadian Capitalist — Sat, 09 Aug 2008 18:03:10 +0000

ryanb: ING Direct is already trumpeting that they will introduce no-fee TFSA savings accounts. I’m pretty sure there will be plenty of competition and many banks and financial institutions will be offering “no-fee” accounts:

http://www.ingdirect.ca/en/landingpage/tfsa/

By: ryanb

ryanb — Sat, 09 Aug 2008 05:19:48 +0000

… or I should have said that the Tax-Free Savings Accounts are only GOING to be available to those 18 or over (in 2009)

By: ryanb

ryanb — Sat, 09 Aug 2008 05:18:10 +0000

I was debating about doing this, and was hoping I could just open up a Tax-Free Savings account for my kids instead. Unfortunately they’re only available to those 18 and over . I wonder why the gov’t put in that rule…

I am curious though, if I did open up an account specifically for this purpose, are there any accounts that you know of that would provide a decent return without a monthly/yearly fee? Too be honest I haven’t looked around yet, but it seemed that any savings would be eaten up by the fees.

By: Everything Is In/Flux · links for 2008-06-27

Everything Is In/Flux · links for 2008-06-27 — Fri, 27 Jun 2008 17:32:04 +0000

[...] Quick Tip: Invest CCTB or UCB payments in your child’s name (tags: investing children finances money) [...]

By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com

A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com — Fri, 27 Jun 2008 13:02:04 +0000

[...] The Canadian Capitalist explains how you can deposit Canada Child Tax Benefit or Universal Child Care Benefit payments into an accoun…. [...]

By: John

John — Thu, 26 Jun 2008 18:20:08 +0000

I get 26/month for CCTB so i would not benefit hugely from this tax break, however I do benefit from all the postings on “Canadian Capitalist” because the discussions are very educational!