Social benefits for grandparents
Zoomer | January 1st, 2006
As this calculation is done automatically by CCRA (formerly Revenue Canada), many Canadians miss out on understanding exactly how they can maximize these generous monthly payments. Here are the important facts:
- The first thing you need to know is that both spouses must file a tax return.
- The amount of your July 2001 CCTB will be based on your net family income shown on the 2000 tax return. To reduce that income (hopefully below the $32,000 clawback threshhold), try to maximize RRSP contributions before February 28, 2001 or look to diversify investment income sources to stay within the lowest tax bracket.
- Changes in family structure—death or divorce of spouse, for example—should be reported to CCRA immediately. Family net income will be adjusted to take into account only one person’s income and therefore could increase the monthly benefits
To learn more from The Jacks Institute, call us at 1-800-30-JACKS or link to our website now.