Where Are You Spending Your Childcare Benefit?

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Starting in July, once an application is submitted, parents will receive $100.00 per month per child from the Federal Government. In the 2006 Federal election, the Conservative government’s Universal Child Care Plan promised:
  1. direct support for parents through the $100 per month, per child under six Universal Child Care Benefit; and
  2. a commitment to provide incentives to create 25,000 flexible child care spaces per year through the Child Care Spaces Initiative, beginning in 2007.

”The Universal Child Care Benefit puts the choice of child care where it belongs in the hands of parents,” government promotional literature says.

While it may be beneficial to deposit the money into an RESP (Registered Education Savings Plan) for later on, some may put it towards “beer and popcorn” Liberal Scott Reid said.

An extra $100.00 a month could go a long way and doesn’t necessarily have to be used toward child care, especially if you are looking after your own children every day. Groceries and clothing for your children could also be a great place to use the money. The most important part is that we are getting some of our own money back into our pockets to do with as we please.

For the investment-minded parent there is a Canada Education Savings Grant (CESG) that sees the first $2,000 contribution to an RESP in a year matched by a government grant of $400, or 20 per cent, to a limit of $7,200 over the plan’s lifetime.

Nothing’s better than earning money on free money!!

For more information on the Benefit go to www.universalchildcare.ca

SOURCE:www.canada.com




About the Author

SAHM of 2 boys and founder of GrowingYourBaby.com, World Traveled Family and The World We Share. When I'm not running around after my boys, I'm looking for our next vacation spot!

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