So what are you doing with your 'Beer & Popcorn' money?

[EllasMum]

Savings account? Regular household expenses? I'm just curious what folks are doing with their $100 monthly cheques. I'm a single mom who is working part-time so I need the $100 for monthly expenses, but I've heard some interesting ideas from friends/relatives who don't really need the money for expenses. One friend is buying savings bonds, another is opening a savings account... My sister and her husband have their kids in a daycare centre run by a not-for-profit organization so they are donating the net of the money for their two DC to the daycare's organization.

Any other interesting ideas out there?

Just curious,
Susan

[pampamz]

We haven't decided yet -- but how excited was I when I opened that envelope!

I didn't actually think it would come through...

[super_grape]

Yeah, me either!

I think I might actually put my oldest in Daycare
a couple of half days or one whole day a week, I
need a break :P !

[Laundraholic]

I've got 2 DKs, and so get $200/month.
Because this is going to be added to my income and will get taxed at the end of the year, I'm putting $100 into my RRSP to try to reduce my taxable income, and the other $100 goes into my kids' RESP, alternating each month. So one month DD gets an extra $100 into her RESP and the next month DS gets the $100 for his RESP.

[snowangel]

Ours are going straight into the kiddos RESPs. Pretty boring, I know.

[torontomom]

deleted...

[hipmaman]

Treat myself to some beer and popcorn LOL

[EllasMum]

Nice to see someone who's actually using the money for the purpose for which it was intended. ;)

[jujucb]

Snicker! I was going to say that or wine & cheese since I'm getting it for two kids lol!

Right now, it's going straight into the bank until we figure it out. We usually plan ahead, but we had some doubts we'd get it. We weren't counting on it until we got the cheque in our hot little hands.

We already have a finacial plan in place, so we don't really need to invest it. We may just save it all up and then do something with it after the twins turn 6. Disney perhaps. Or now that we'll have three kids in school we'll use it to help fund their gear and supplies or perhaps donate some for class trips and pizza days.

[psophia17]

How do you get this money if you're entitled to it? How can you figure out if you're entitled to it, anyhow?

I'm reading this thread scratching my head...

[Laundraholic]

You're entitled to it if you have a child under 6. It's called the UCB (Universal Childcare Benefit). It's $100 per child under 6. It's taxable income, however, so at the end of the year when you file your taxes it has to be declared... although it can be declared on whoever's income is lowest. So although the wife may be receiving the benefit in her name, if her income is higher than her husband's, it would be declared on his tax return.

If you were already receiving the Canada Child Tax Benefit (which is based on income) then you would have received it automatically. You should have been given a CCTB application by the hospital when your child was born. You also "re-apply" for the CCTB when you file your taxes because the amount of CCTB received is based on your declared income of the previous year. So your tax return for 2005 will determine your monthly CCTB amount from July 2006 until June 2007.
The first cheque for the UCB was in July and was mailed, even if you were receiving the CCTB directly into your bank account. Along with the first cheque is a form to request that the UCB be directly deposited. If you weren't receiving CCTB (because you had forgotten to file your taxes, or didn't apply for it once your children were born, or were making too much to be eligible for it) then you just make an application for the CCTB and although you may not be eligible for CCTB you'll receive the UCB if your child is under 6.

[bubbaray]

http://www.universalchildcare.ca/en/faqs_benefit.shtml

Not sure how it works for children born abroad and where only 1 parent is Cdn. There is a # you can phone. For #2, you will likely get a whole folder of forms in the hospital, one of which is for the CTB described by PP. Not everyone is eligible for the CTB (income based), but fill out the form anyway because parents of any child under 6 DO get the UCCB. I did and here I sit 2 years later (having never received the CTB) with the $100 UCCB cheque cashed earlier this week.

Good luck!

Melissa

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[bubbaray]

Still undecided what to do with it. Our investments are taken care of, both RRSP and RESP-wise. Financially, I think a tax-credit investment (RRSP or similar) is probably better for us, given that the amount is taxable.

I've also thought about charitable donations.

Then again, beer and popcorn is pretty appealing. No beer until February for me, though.


Melissa

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http://bd.lilypie.com/fYrCm7.png

[psophia17]

Thanks!

I'm checking it out right now, and will be calling them tomorrow to figure out how to apply, given my status in Canada...

$200 a month when #2 is born will come in handy like there's no tomorrow!

[pampamz]

Interesting -- I did not realize it was taxable income. Guess nothing comes for *free*, but I'm not going to look a gift horse in the mouth.

We also get $200. Right now it is going into the family *pot* (i.e. our bank acct) and it certainly will help w/our $1200/m daycare costs! But, if we can increase the RESP contributions we will.

I also didn't see the insert for direct despost -- will have to sign up for that!!

[Piglet]

Thanks to your thread, DH and I feasted on beer and popcorn while watching TV last night :)

As for the money - I am not sure what to do with it. Isn't that silly? We already put some money every month to RRSP and RESP (auto-withdrawal). We already have a savings account for the boys thanks to savings bonds that my parents bought for me when I was a kid (thanks to the old child benefit). I don't want the money to go towards general expenses because then it will be wasted on things I don't truly need like Starbucks (or beer and popcorn). We do pay way too much for daycare and the only thing that would really improve the quality of life for us right now would be to park in our building downtown - DH, DS2 and I go to the same building for work and daycare. Parking is $300 a month!!! We currently park 10 minutes away for $150 a month, so the extra $200 would do a lot of good for that, but it seems so frivolous somehow... although I bet in winter I will really be tempted to park underground and not have to get dressed all warm for the trek to work. I can't decide if we should go for it or not.