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Quick Tip: Invest CCTB or UCB payments in your child s name

Posted on June 25, 2008

According to the CRA, you can deposit Canada Child Tax Benefit or Universal Child Care Benefit payments into a bank account or trust account in your child s name and have the interest payments treated as your child s income:Generally, when you invest your money in your child s name, you have to report the income from those investments. However, if you deposited Canada Child Tax Benefit or Universal Child Care Benefit payments into a bank account or trust in your child s name, the interest earned on those payments is your child s income.If you already contribute the maximum allowed to...

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