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How to Spend Your UCCB Lump Sum

calculatorFirst, a little background on the UCCB, It was started in 2006 at $100 a month for each child under the age of six. This year, Ottawa increased the amount for kids under aged six to $160 and added a $60 monthly benefit for children aged six through 17. All families with minor children are generally eligible for the benefit.

Assuming you applied for the UCCB and you have children aged 17 or younger, you've received the first retroactive and lump sum payment of the enhanced Universal Child-Care Benefit (UCCB). 

This money isn't targeted to any income group and there are no restrictions on how to spend it. Even if you're wealthy, you're going to get it. The question then, is: What do you do with it? 

Hire a Family Member and Save Money

Family image4As a small business saving taxes and making sure things work smoothly in your business should be at the top of your list. But after maximizing business expenses what else is there? Have you given it any thought in hiring a family member to save money?

A Few Reasons Why
Hiring a family member might make sense, as long as it does not disrupt the family dynamics; it fills a necessary role and makes good financial sense.

What you need to know about GST/HST

featured-filingThe GST/HST is a value added tax introduced in Canada in 1991.  If your business has an annual worldwide sale of more than $30,000, you must register for GST/HST. The requirement applies to all businesses, including sole proprietorships and partnerships.  Registration is not mandatory until you reach the $30,000 threshold for you or your business, but it may be a good idea to sign up voluntarily. 

 

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