Children


FAQ's

Do I have to file a tax return for my child?

There could be situations where there are benefits in filing your child's income tax return.

Some of these situations include:

  • Accumulating RRSP contribution room limits that can be utilized in future years;
  • Refunds of overpayments of CPP, EI, and income tax payments made during the year;
  • Obtaining HST & Ontario tax credits depending on their age

Contact us to discuss your child's specific situation further.

How does a Registered Education Savings Plan (RESP) benefit my family?

Some of the benefits that an RESP plan can provide to your family include:

  • Contributions that grow on tax sheltered basis in the plan
  • The first $2,500 of annual contributions receive an additional grant of 20%
  • The taxable portion of any payments from the plan to a recipient who is attending post secondary education are taxed in their hands

For further details on RESP plans click on the link below or contact our office to discuss it further.


Links