About the child benefit

[uhani0115]

Hello,

I am thinking about moving to my business from Korea to Canada through the start-up visa program.

And as I was calculating the needed budget for the settlement and for my business, I got to know that there is something called the child benefit and wanted to more about this as I am finalizing the calculation of my budget.

I know there is a calculator provided by the Canadian government, but there are many unkwnon factors so I thought it would better to ask here.

These are my questions and it would be great if you could answer these questions for me.

1. We are hoping that we could move to Canada in 2021 or 2022. For the year that I immigrate to Canada and possibly the next year, I think I am going to have nearly no income. My wife will be either a full-time or part-time student. I have four children and they were born in 2000, 2002, 2006, and 2012; this means my first and second child will not be my dependent by the time we move to Canada. Considering these factors, how much can we get from the tax return? I am NOT asking for a specific number and I know this greatly varies by the province, residence, and other things. So, I would like to know the rough approximation of it.

2. Are we eligilble for it as soon as we immigrate or do we need to spend a few months in Canada to be eligible for it assuming that we landed with the PR through the SUV program.

3. Would it be affected by my children's income if they choose to work? My second son is thinking about working as soon as we immigrate while studying as a part-time student.

Thanks for your help in advance.

 

[scylla]

Hello,

I am thinking about moving to my business from Korea to Canada through the start-up visa program.

And as I was calculating the needed budget for the settlement and for my business, I got to know that there is something called the child benefit and wanted to more about this as I am finalizing the calculation of my budget.

I know there is a calculator provided by the Canadian government, but there are many unkwnon factors so I thought it would better to ask here.

These are my questions and it would be great if you could answer these questions for me.

1. We are hoping that we could move to Canada in 2021 or 2022. For the year that I immigrate to Canada and possibly the next year, I think I am going to have nearly no income. My wife will be either a full-time or part-time student. I have four children and they were born in 2000, 2002, 2006, and 2012; this means my first and second child will not be my dependent by the time we move to Canada. Considering these factors, how much can we get from the tax return? I am NOT asking for a specific number and I know this greatly varies by the province, residence, and other things. So, I would like to know the rough approximation of it.

2. Are we eligilble for it as soon as we immigrate or do we need to spend a few months in Canada to be eligible for it assuming that we landed with the PR through the SUV program.

3. Would it be affected by my children's income if they choose to work? My second son is thinking about working as soon as we immigrate while studying as a part-time student.

Thanks for your help in advance.

1. Children up to 18 years old qualify. Two out of your four children will be too old to qualify once you reach Canada. Based on the age of your two other children, the maximum you will get per child is $5,700 per year (so less than $12,000 per year). This is obviously not enough money to live on. You will need significant savings or other sources of income to survive.
2. Yes, as soon as you immigrate.
3. Your second son will be too old to qualify for the benefit.

 

[scylla]

Just to add - the $5,700 I've provided above is not an approximation of what I think you will get. As you've said, this depends on a number of factors. What I've provided is the maximum you will qualify for.

 

[canuck78]

Your child benefit calculation for the first year will be based on your international income in the previous year not on your income when you arrive in Canada. Have you determined if you can immigrate first? That will be the first hurdle. Is there a reason you want to immigrate if you have a successful business in Korea? There are many things to consider like retirement when immigrating above 40.