Daycare money for disney trip!!!!!!!!!!!

[nelson84]

The Gov't gives $100 per kid and on top of that they give family allowance. Is it wrong to use this money for a disney trip?

I have 3 kids =$300 per month and family allowance about $100.

That is $400 extra a month. By February that is $2400. That should pay for plane tickets and hotel, and maybe car rental. I just need food and ticket money.

I already buy them everything they need, should I put that money away for education or spend it on a Disney trip?

 

[Debbie]

Three kids in post secondary, two more on the fringe, my vote would be to add to the Education fund and get the government to add the savings grant. Check out this link for information. We don't get much, so take it while you can BTW, I hadn't heard of the Canada Learning Bond until I checked the link. It doesn't affect me (Thank Heavens), but might be useful to parents with young children. If you put that money away first thing (i.e. don't even think about it), it will really ease some of the stress once they are in post secondary.

This probably isn't the response you wanted, but then my kids don't want to hear that they should be saving money for an RRSP either! My response? "Hindsight is 20/20 and I can see clearly now!"

 

[SandraC]

Disney!

 

[son3disfan]

The Gov't gives $100 per kid and on top of that they give family allowance. Is it wrong to use this money for a disney trip?

I have 3 kids =$300 per month and family allowance about $100.

That is $400 extra a month. By February that is $2400. That should pay for plane tickets and hotel, and maybe car rental. I just need food and ticket money.

I already buy them everything they need, should I put that money away for education or spend it on a Disney trip?

The $100 is only for kids under 6 right? Missed out on that one. As far as Family allowance.... that's based on your income , not everyone is entitled to that. ( missed out again..)
I say , give your kids some great memories..I vote Disney..

 

[myasmum]

I have 2 under 6 and we couldnt do much as tight with money so I used the money towards things they wanted to do (like they ALL wanted to go to dance class so I used the $200 towards that)

I also used some to put towards our Disney Trip 2 weeks ago as we had a really rough last year so I thought I wanted to do something fun for them they are 8, 5 and 4yrs old and my oldest has been asking to go to WDW so we secretly saved money to go (they found out at the Magic Kingdom Parking lot gates)

But everyone has thier own opinion of what to do with it YES after they are 6 we dont get it anymore but when ever my kids get money eg: B-Day, X-Mas they put it into thier bank accounts to save up but yes who knows IF and when we might be able to go away again and even though it rained our whole trip drive there and home also we tried to make the best of it and was WELL worth it.
Do what you feel YOU would want to do

 

[F4disneyfan]

The Gov't gives $100 per kid and on top of that they give family allowance. Is it wrong to use this money for a disney trip?

I have 3 kids =$300 per month and family allowance about $100.

That is $400 extra a month. By February that is $2400. That should pay for plane tickets and hotel, and maybe car rental. I just need food and ticket money.

I already buy them everything they need, should I put that money away for education or spend it on a Disney trip?

We put the money into our US account and that becomes the kids spending money for our Disney trips. 200 bucks a month adds up for them every trip. We have 4 children and 2 of them get the money every month so we split it between the 4 of them as their spending money.

 

[Momrow]

The $100/month per child is taxable, so depending on your bracket, it may only be $50/month.

However, there is a new, non-refundable tax credit starting in 2007 of $2,000 per child per year to the age of 18 - which works out to about $440/child .

 

[SherylR]

Is put half in an RESP and half into a Disney savings account. It might take a little longer to get back (but you've been four or five times already) to the mouse, but you'll be able to save AND have fun.

 

[son3disfan]

The $100/month per child is taxable, so depending on your bracket, it may only be $50/month.

However, there is a new, non-refundable tax credit starting in 2007 of $2,000 per child per year to the age of 18 - which works out to about $440/child .

What??
We don't receive this one..
What are you refering to? There is a "exercise " credit up to $500 deductable for each child for 2007 tax year.
Haven't heard of what your talking about. And I certainly don't get $440 a month for each of my children. Is that for low income ?

 

[Momrow]

What??
We don't receive this one..
What are you refering to? There is a "exercise " credit up to $500 deductable for each child for 2007 tax year.
Haven't heard of what your talking about. And I certainly don't get $440 a month for each of my children. Is that for low income ?

It was introduced in the last budget. Here is an excerpt from the government website:


Eligibility criteria for the Child amount - If a child born in 1990 or later resides with both parents throughout the year, either parent (but not both) may claim $2,000 per child. Any unused portion can be transferred to that parent's spouse or common-law partner. If the child does not reside with both parents throughout the year, the parent who is entitled to claim the amount for an eligible dependant can claim the child amount.

Send this information in writing, or electronically using this notice, to your employer or payer’s payroll professional. It will be filed with your TD1 Personal Tax Credits Return, and the amount of tax deducted from each pay will be reduced. This change will remain in effect until you advise us that you are no longer eligible to claim the child amount.

If you do not give this information to your employer, your tax deducted at source will not be reduced. However, you will still be able to claim the child amount when you file your T1 Income Tax and Benefit Return for 2007.

Payroll professional: Please file this notice in the employee’s personnel/pay file as a record of the request for the child amount deduction at source.

If you are eligible to claim other tax credits that will reduce the amount of tax deducted at source, complete and submit a revised TD1 return. To get form TD1 2007 Personal Tax Credits Return visit http://www.cra-arc.gc.ca/E/pbg/tf/td1/README.html or call 1-800-959-2221.



There is no income requirement. I got a letter from my employer last month asking if I wanted to change my TD1 to reflect this deduction - $2,000 per child, which works out to about a $440 tax decrease per child for the year.

Here is the CRA link:
http://www.cra-arc.gc.ca/agency/budget/2007/taxcredit-e.html

 

[son3disfan]

It was introduced in the last budget. Here is an excerpt from the government website:


Eligibility criteria for the Child amount - If a child born in 1990 or later resides with both parents throughout the year, either parent (but not both) may claim $2,000 per child. Any unused portion can be transferred to that parent's spouse or common-law partner. If the child does not reside with both parents throughout the year, the parent who is entitled to claim the amount for an eligible dependant can claim the child amount.

Send this information in writing, or electronically using this notice, to your employer or payer’s payroll professional. It will be filed with your TD1 Personal Tax Credits Return, and the amount of tax deducted from each pay will be reduced. This change will remain in effect until you advise us that you are no longer eligible to claim the child amount.

If you do not give this information to your employer, your tax deducted at source will not be reduced. However, you will still be able to claim the child amount when you file your T1 Income Tax and Benefit Return for 2007.

Payroll professional: Please file this notice in the employee’s personnel/pay file as a record of the request for the child amount deduction at source.

If you are eligible to claim other tax credits that will reduce the amount of tax deducted at source, complete and submit a revised TD1 return. To get form TD1 2007 Personal Tax Credits Return visit http://www.cra-arc.gc.ca/E/pbg/tf/td1/README.html or call 1-800-959-2221.



There is no income requirement. I got a letter from my employer last month asking if I wanted to change my TD1 to reflect this deduction - $2,000 per child, which works out to about a $440 tax decrease per child for the year.

Here is the CRA link:
http://www.cra-arc.gc.ca/agency/budget/2007/taxcredit-e.html

Ok, now I'm confused.
Every year we apply for child tax credit, we get a notice saying we make too much money( what a joke!) and are not eligible.
This is now something that we have to apply for at work? That doesn't quite make sense to me.I will look over the website you listed , but would love to hear back from someone else. If my children are eligible to receive something ( even in the way of a deduction on our taxes) , then I want to make sure we are receiving it.
I'm very confused at this point.

 

[Momrow]

From what I understand, it's just like the personal deduction which is about $8,000 or so. You don't have to apply for it, you will make the deduction on your 2007 tax return. However, if you don't want to wait for your refund, you can ask your employer to take off less taxes each paycheck.

This is completely differenct from the child tax benefit - which I think is a monthly cheque (not sure, I'm not eligible for it). I don't know why they have to call them practically the same thing .

 

[son3disfan]

Ok, just reveiwed.....
This is a NEW tax credit ( a deduction ) for NEXT year.
When we file for 2007 ( in 2008) then we can apply the tax credit.
O.k, so we didn't miss anything...
Right?

 

[Momrow]

Ok, just reveiwed.....
This is a NEW tax credit ( a deduction ) for NEXT year.
When we file for 2007 ( in 2008) then we can apply the tax credit.
O.k, so we didn't miss anything...
Right?

Right - we will get our money when we file our taxes! We haven't missed anything.

 

[son3disfan]

From what I understand, it's just like the personal deduction which is about $8,000 or so. You don't have to apply for it, you will make the deduction on your 2007 tax return. However, if you don't want to wait for your refund, you can ask your employer to take off less taxes each paycheck.

This is completely differenct from the child tax benefit - which I think is a monthly cheque (not sure, I'm not eligible for it). I don't know why they have to call them practically the same thing .

Yes,Your exactly right...
Thanks for the post.
I was getting a little worried that I missed a cheque coming to the house , or something.
It's just a deduction, for next years taxes.

 

[dsneygirl]

Is put half in an RESP and half into a Disney savings account. It might take a little longer to get back (but you've been four or five times already) to the mouse, but you'll be able to save AND have fun.

That's a good idea. I put it all towards savings for DS because frankly as a help with daycare $100/month is a complete joke.

But if you want to use it as your vacation fund then go for it.

 

[brighteyes]

So as a single parent, I can choose to have less money taken off my paychecks now, or get the benefit when i file income tax in 2008??

Well since I am officially on holidays now, and am starting school full time in Sept I guess my only option is to do it at income tax time. Since I will only be working 10 hours a week while i am in school, and won't be making enough per week to have much tax taken off now anyways.

Stephanie

 

[Momrow]

So as a single parent, I can choose to have less money taken off my paychecks now, or get the benefit when i file income tax in 2008??

Well since I am officially on holidays now, and am starting school full time in Sept I guess my only option is to do it at income tax time. Since I will only be working 10 hours a week while i am in school, and won't be making enough per week to have much tax taken off now anyways.

Stephanie

I think so, as long as only one parent claims the tax credit.

 

[debbiet1]

Have to love our Govt. like 100.00 even buys diapers for little ones let alone anything else. Same as the we're sorry but your husband makes too much money for you to get GST cheques. 1 income, 4 mouths to feed and trust me he doesnt make that much. I'd like to have the officials on the same budget as us *normal* people are on. We dont get to hand in travel expense forms at the end of the month for dinners and everything else under the sun.

 

[sweetascanbee]

I would say use it for whatever you want...it would only be bad to use it for Disney if you didn't take the kids with you....