This week, the following questions have come into my virtual mailbag:
- I split up with my common-law husband, and so I filed my tax return as “single.” I noticed this changed the amount of Canada Child Tax Benefit I receive. Is what I did right?
- My husband and I have a lot of debt. But we haven’t taken a family vacation in a few years, and now that we have started budgeting, I’d like to include an allocation for a modest vacation once a year. Is it OK for us to budget for a family vacation even though we have outstanding debt to pay off?
- What is a business number and do I need to register one? When do I need a GST number?
- What do others do with the Child Tax benefit? Are there any advantages or disadvantages to putting it into an account in the child’s name? Would it be better to have the CCTB deposited into an RESP, tax-free savings account or something different? I’m looking for a way to save for her future that will maximize her options, in terms of how she can spend the money. What do others do?
We will get to each of those questions in turn. But in the meantime, this is my announcement that your questions about any aspect of your financial life are welcome here. What’s on your mind? What do you need to know?