Who this is for
Parents of a child born in the last year or so, and anyone expecting one. It covers federal and BC programs, the RESP, child-care receipts, and the insurance and legal items that tend to get left for later. Benefits, an RESP, a TFSA, an RRSP and life insurance each solve a different problem. None of them is the answer to everything, and this guide does not recommend any product.
The 10 things, roughly in order
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Apply for the Canada child benefit. Most BC parents can apply when registering the birth, or through CRA My Account afterward. For July 2026 to June 2027 the maximum is $8,157 a year for a child under 6 and $6,883 for a child 6 to 17. The amount falls as adjusted family net income rises above $38,237.
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Keep both returns filed, every year. The CRA recalculates the benefit each July from the previous year’s returns. If you have a spouse or partner, both of you must file on time, even with no income. A missing return stops the payments.
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Expect the BC family benefit in the same deposit. The Province’s benefit is paid by the CRA together with the CCB. For July 2026 to June 2027 the maximum is $1,750 for the first child, $1,100 for the second and $900 for each additional child. It is reduced once income passes $30,176.
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Open an RESP and claim the grant. The Canada Education Savings Grant adds 20% to the first $2,500 you contribute each year, up to $500. Lower-income families get an extra 10% or 20% on the first $500. The lifetime grant limit is $7,200.
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Ask for the Canada Learning Bond if your income qualifies. Families with one to three children and adjusted income of $58,523 or less get $500 in the first year. After that they get $100 a year, up to $2,000. No contribution is needed. The child must be born in 2004 or later.
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Keep every child-care receipt. Daycare, a nanny, before-and-after-school care and day camps can be deductible. A receipt from an individual must show that person’s Social Insurance Number. The lower-income parent usually claims.
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Check the disability tax credit if it applies. If your child has a severe and prolonged impairment, Form T2201 signed by a medical practitioner can open the child disability benefit. It is paid automatically with the CCB. It is up to $3,480 a year for July 2026 to June 2027.
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Review life insurance. Ask what financial obligations would remain if a parent died: income to replace, the mortgage, child care, education. Workplace coverage often ends when the job does. The FCAC describes the death benefit as a one-time, tax-free payment.
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Review beneficiaries. TFSAs, RRSPs, pensions and insurance policies each have their own beneficiary form. A new child usually means revisiting who is named and whether a spouse should be the successor holder of a TFSA.
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Update legal documents. A will names a guardian and sets out who manages money for a child. That is legal work. We can explain the tax side of what you decide, but a lawyer or notary draws up the documents.
How the pieces connect
The tax return feeds the benefits. The benefits and your income decide the RESP grant rate and the Learning Bond. Child-care receipts reduce net income, which can in turn raise next year’s benefits. Insurance and beneficiary choices sit on top of all of it. They do a different job: they protect the household if a parent is no longer there.
One thing many people do not realize
Filing your tax return is part of keeping family benefits flowing. The Canada child benefit for July 2026 to June 2027 is based on both parents’ 2025 returns. The CRA stops payments if either return is missing. And an RESP can receive government money before you have much to put in: the Canada Learning Bond needs no contribution at all.
What to prepare
- Both parents’ most recent Notices of Assessment
- The child’s birth registration confirmation and Social Insurance Number
- Child-care receipts with the provider’s name, address and SIN if an individual
- Any T2201 or medical letters, if a disability may apply
- Existing insurance policies and benefit booklets from work
- Current beneficiary designations on TFSA, RRSP and pension accounts
When professional help may make sense
Separated parents sharing custody, a parent who was outside Canada part of the year, income that changed sharply, or a child with a disability. Each one changes who claims what.
How Rex Tax may be able to help
We check that both returns are filed and correct, estimate the benefits from your income, confirm RESP grant room and help with the child-care claim. For life insurance, Parminder Singh Oberoi can walk through the options through Punjab Insurance Agency Inc. Please do not send medical information through the website form.
Official sources
- Canada Revenue Agency: Canada child benefit, how much you can get
- Canada Revenue Agency: Canada child benefit, keep getting your payments
- Province of BC: BC family benefit
- Government of Canada: Education savings, estimating amounts (CESG and Canada Learning Bond)
- Canada Revenue Agency: Line 21400, how to claim child care expenses
- Canada Revenue Agency: About the disability tax credit
- Financial Consumer Agency of Canada: Life insurance
This guide is general information, not advice about your situation. It reflects the rules for the 2026 tax year. It has not yet been reviewed by a practitioner. The information was checked against the official sources listed above on the date shown. Rules change. Check the official sources above or ask us. How we prepare these guides.