Financial Resources for Canadian Families
Find Money Help With Grants, Savings Plans and Financial Managment
During tough economic times, many families look for new resources to help them manage their money effectively. In Canada, government programs exist to provide financial help for childcare costs and other costs associated with raising children, and to assist parents who are saving for their child's university education. Here's a quick look at some of the financial resources available for families from the Canadian government.
Government Grants and Assistance
The Canadian government provides several grants and tax breaks for families with children. Families with children under six are eligible to receive the Universal Child Care Benefit, which pays $100 per month for each child under age six in the family. As any family who pays for full-time daycare knows, $100 is a far cry from the actual cost of child care, but in tough times every little bit can help.
The Canadian Government also provides the Canada Child Tax Benefit, which is a payment to the primary caregiver of a child or children under the age of 18. The amount of the Child Tax Benefit payment varies according to your financial situation and the number of children in your family, so it is important to notify the Canada Revenue Agency when your financial situation changes or another child is born or adopted into your family.
Save for the Future
An important part of managing your money and planning for your financial future is saving money. In Canada, the Registered Retirement Savings Plan (RRSP) is the primary way families save for their future and gain a tax break on any money deposited into an RRSP account. For families who are saving for their children's post-secondary education, the Registered Education Savings Plan (RESP) has been designed to help families set money aside so that it can grow, tax-free, until a child is ready to attend University. Under the Canada Education Savings Grant, when family members contribute money into an RESP the Canadian government will contribute an additional amount according to the family income, up to a maximum of $2,500.
Manage Your Money Well
Once you are taking advantage of the government grants and programs that apply to your family, the next step is to make sound financial choices to manage your money well. Frugal living, avoiding spending on unnecessary or extravagant items and careful budgeting all help to give you knowledge and control of your spending.
Wesabe is a new online tool designed to help you keep track of your financial goals and monthly spending. By showing you all of your accounts in one clear, easy to use format with dynamic comparison charts and tools to help you track your spending, Wesabe can show you exactly where your money is going. Wesabe is also free, doesn't show advertising to their users and makes security and privacy their top concern.
It makes sense to ensure that your family is receiving the maximum payment of grants and benefits from the government, and to make saving and financial planning a part of your life. If you're really in a tough financial spot and need some serious money help, get in touch with a financial planner who can help you get everything in order again.
Calculating Government Benefits
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