Helping Canadian Families

Helping Canadian Families

Keep more money in their pockets

The Government of Canada has taken a number of steps to make life more affordable for families.

Among these measures we can quote the following programs:

The Universal Child Care Benefit (UCCB) is a taxable $100 monthly payment, for each children under age six, to help eligible Canadian families choose the child care option that best suits their families’ needs.

Child care expenses deduction : Child care expenses are amounts or your spouse or common law partner paid for eligible child care services under certain conditions.

Canada Child Tax Benefit : The Canada Child Tax Benefit (CCTB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under age 18. The CCTB may include the National Child Benefit Supplement and Child Disability Benefit.

Disability tax credit : The disability tax credit is a non-refundable tax credit that helps people with disabilities, or people who support them, reduce the amount of income tax they may have to pay.

Fitness tax credit and art tax credit :  The children’s arts tax credit and the children’s fitness tax credit allow you to claim a non-refundable tax credit for a prescribed program of eligible activities

Public transit amount : You can claim the cost of monthly public transit passes, or passes of longer duration, such as annual pass, for travel within Canada on public transit.

A family stade. Photo by Elena

Other government of Canada programs and initiatives that support your family

• Adoption expense tax credit
• Registered Education Savings Plan, the Canada Education Saving Grant and the Canada Learning Bond
• Financial support for post-secondary education (colleges, universities, technical colleges)
• Textbook amount
• Registered Disability Savings Plan, the Canada Disability Savings Grant and the Canada Disability Savings Bond
• Family caregiver tax credit
• Employment insurance special benefits such as maternity and parental benefits

Visit actionplan.gc.ca/childrenandfamilies or dial 1 800 O-Canada for more information.

Registered Education Savings Plan

Registered Education Savings Plan

Do you imagine your children continuing in their education after high school? The Government of Canada can help you save for your child’s future with a Registered Education Savings Plan known as RESP.

What is an RESP?

An RESP is an education savings account registered with the Government of Canada. It helps you, your family or friends put aside money for your child’s education after high school.

You can open an RESP at a bank or credit union, or through a certified financial planner or a group plan dealer. These financial institutions, planners and dealers are generally known as RESP providers.

What should I save for my child’s education?

It pays to save! With as RESP, you can help turn your child’s dreams into reality. Saving just a dollar a day can make a difference. In addition to your RESP contributions, you could receive the: Canada Learning Bond and/or Canada Education Savings Grant.

What is the Canada Learning Bond? : The Canada Learning Bond is $500 offered by the federal Government of Canada (in 2013) to help you start saving now for your child’s education after high school. Plus, your child could get $100 every year until he or she turns 15 years old to a maximum of $2,000.

Your child is eligible for the Canada Learning Bond if: he or she was born after December 2003; and your receive the National Child Benefit Supplement under the Canada Child Tax Benefit (also known as the family allowance).

Learning is everything, ignorance kills. Photo: Elena

What is the Canada Education Savings Grant?

 It is money that the Government of Canada will add to your RESP savings. This grant has two parts:

1. Basic Canada Education Savings Grant: No matter how much money your family makes, the Basic Canada Education Savings Grant will give you 20% on every dollar of the first $2,500 you save in your child’s RESP each year.

This means that for every $10 you save in your child’s RESP, the Government will add $2.

2. Additional Canada Education Saving Grant : Depending on your family income, you could receive an extra 10% or 20% on every dollar of the first $500 you save in your child’s RESP, the Government will add an extra $1 or $2.

Make sure to apply for both parts of this grant.

The Canada Learning Bond and the Canada Education Savings Grant can only be deposited into an RESP account.

Choosing the right RESP for your family

There are three types of RESPs:

• Family RESPs: You can put aside money for one or more children related to you by blood or adoption. You can save for them all using one family RESP.
• Individual RESPs: You can save for one child, whether they are related to you or not.
• Group RESPs: Your savings are combined with those of other people and the earnings are shared when it’s time to pay for school. Regular payments throughout the term of the RESP are usually required, but each plan has its own rules.

It is important to take your time before you choose an RESP and read the contract carefully before signing.

Ask your RESP provider about:

• Your investment products (saving account, bonds, guaranteed investment certificates – GICs, mutual funds or stocks);
• The advantages and risk factors of each product, because some investment products may be riskier than others;
• The administration fees;
• The penalities that may apply if don’t make regular payments or if you close an RESP.

The path to happiness  passes through a good planification (at least, part of it) (quotations from Megan Jorgensen. Photo: Megan Jorgensen (Elena)

How do I open an RESP and receive the Government of Canada’s grants?

• Step 1 – Get a social Insurance Number for your child. It’s free. Call 1 800-622-6232 for more information or visit a Service Canada near you.
• Step 2 – Contact an RESP provider of your choice to open an RESP.

Choose the RESP provider that best suits your needs and ask:

If they offer the Canada Learning Bond and the Additional Canada Education Savings Grant.

What types of RESPs they offer (family, individual or group) and the advantages and risk products they of each

What their administration fees and penalties are.

• Step 3 – Open an RESP and complete the Basic and Additional Canada Education Savings Grant and the Canada Learning Bond application form with the help of your RESP provider.

You can get help or more information calling at 1 800-620-6232, calling at a Service Canada Center near you or visiting the Web site CanLearn.ca

Notarial Law in Canada

Notarial Law

The political rule of a country depends on many factors. For example, in the United States, the system of checks and balances ensures that the three distinct branches of government (judicial, executive and legislative) hold each other accountable.

Correspondingly, political science is a significant and systematic body of knowledge aimed at studying such and related issues, and predates Antiquity.

Further, in Common Law states, laws differ from the Napoleonic Code or other ruling arrangements. Nonetheless, most politics and philosophy thinkers agree on the role, even if they oppose it such as Karl Marx, which the institution of private property played in civilization, and particularly democracy. Interestingly, democracy comes from the Ancient classification of governments by Aristotle, and the term has since changed connotation from a pejorative to a positive one.

A future notary. Credit illustration: Elena

In Quebec, a French speaking Canadian province, notaries are indispensable in acquiring commercial or residential properties. Several resources exist for both potential buyers and sellers, including Multiple Listing Service (MLS) Websites, real estate brokerage companies such as Re/Max, Sotheby’s Realty, Royal LePage, Londono Group, McGill Immobilier, Immeuble International and countless others. In order to practice, real estate agents or realtors must first obtain their license, after successfully completing a required number of courses.

The associated professional association and regulatory body is the OACIQ (Ordre d’autoréglementation du courtage immobilier du Québec). Although some mostly housing market agents and boards offer commercial properties as well, QuebecCommerce specializes in the business acquirement niche. Properties are also sometimes sold directly without intermediaries, such as through ProprioDirect. Aside from agents, notaries and the parties most concerned, a residential acquisition usually likewise involves a qualified inspector before effectuating the purchase.

Each and every Notary Public plays a crucial role in combating identity theft. They serve as our front line of defense and the public is safer because of the job they do. (Ken Salazar, politician). Image (banner): Megan Jorgensen (best banners for an excellent price)

Furthermore, local notaries hold the same title as lawyers (also referred to as attorneys at law, barristers and solicitors) or Maître, and continue their studies to pursue a graduate Diploma of Notarial Law (D.D.N.), in addition to their Bachelor of Laws degree (LL. B.). An internship is also required. Both lawyers and notaries are well-respected, prestigious professions.

So again in, that part of Canada, a notary is required to certify and legitimize all acquisitions of commercial and residential properties and other transactions. Notaries also perform alternate duties, such as last wills and inaptitude mandates, in addition to such legally binding contracts as a Deed of Correction. Unlike the Deed of Sale, Deed of Transfer and Deed of Hypothec, a Deed of Correction aims at officially correcting a mistake in a previously signed contract. Such documents may be as short as one page and as lengthy as the most detailed contract.

Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

Protecting your deposits

The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation. It was created in 1967 to protect the money you deposit in CDIC’s member financial institutions in case of their failure.

What does Canada Deposit Insurance Corporation insure?

CDIC insures eligible deposits you make with its members. However not all deposits and investments offered by the members of CDIC are insurable. The insurable deposits include:

• Saving accounts and checking accounts.
• Term deposits, such as guaranteed investment certificates (GICs) and debentures issued to evidence deposits by member institutions (other than banks).
• Money orders, travellers’ cheques and bank draft issued by CDIC members and cheques certified by CDIC members.
• Accounts that hold funds to pay realty taxes on mortgaged properties.

To be eligible for deposit insurance protection, your deposit must be payable in Canada and in Canadian currency. Term deposits must be repayable no later than five years after the date of the deposit.

CDIC does not insure:

• Foreign currency deposits, for example, accounts in U.S. dollars.
• Term deposits with a maturity date of more than five years from the date of deposit.
• Debentures issued by banks, trust companies or cooperative credit associations.
• Bonds of debentures issued by governments and corporations.
• Treasury bills.
• Investments in mortgages, stocks or mutual funds.

Maximum insurance protection

Basic protection: The maximum basic protection for eligible deposits is $100, 000 (principal and interest combined) per deposit in each CDIC member institution. Deposits are not insured separately if made at different branch offices of a member.

Separate Protection:

CDIC insures eligible deposits separately in each of the following cases:

• Savings held in one name;
• Savings held in more than one name (joint deposits);
• Savings held in registered retirement savings plans (RRSPs);
• Savings held in tax-free savings accounts (TFSAs);
• Savings held for paying realty taxes on mortgaged properties.
• You are responsible for ensuring that the member institution’s record include all information required for the separate protection of these deposits.

Joint Deposits

Deposits you own jointly with someone else are insured separately from deposits in your own name, provided that the records of the member institution:

• Indicate the deposits are owned jointly;
• Include the name and address of each joint owner.

A Canadian investor. Photo by Elena

Trust Deposits

Deposits held in trust are insured separately from deposits owned personally by the trustee or the beneficiary (ies) provided that the trustee has disclosed for inclusion in the records of the member institution the following information:

• State that the deposit is held in trust;
• Identify the name or the names and addresses of the trustee(s)
• Identify the names and addresses of the beneficiary (ies).
• If a trust deposit is held for more than one beneficiary, the dollar amount or percentage owned by each beneficiary must be identified on the CDIC member’s record each year as of April 30. Each beneficiary’s share then is insured up to $ 100,000.

Registered Plans

CDIC does not insure all investments held in registered plans. To be insurable, deposits must be held in a savings account, in GICs or other term deposits with an original term to maturity of five years or less, or in debentures issued to evidence deposits by members (other than banks), with an original term to maturity of five years or less, and must be payable in Canadian currency.

• Your maximum deposit insurance for all eligible deposits held by you in RRSPs with the same CDIC member is $ 100,000 (principal and interest combined);
• Your maximum deposit insurance for all eligible deposits held by you in RRIFs with the same CDIC member is $ 100,000 (principal and interest combined);
• Contributions you make to an RRSP or a RRIF plan for your spouse or common-law partner are combined with other deposits held in an RRSP or a RRIF in the same name of your spouse or commn-lawe partner with the same CDIC member, not with deposits in your own RRSPs or RRIFs.
• Your maximum deposits insurance for all eligible deposits held by you in TFSAs with the same CDIC member is $100,000 (principal and interest combined).
• Your maximum deposit insurance for all eligible deposits held by you in Registered Disability Savings plans (RDSP) with the same CDIC member is $100, 000 (principal and interest combined).
• Your maximum deposit insurance for all eligible deposits held by you in Registered Education Savings Plans (RESP) at the same CDIC member that are structured as a trust is $100,000 (principal and interest combined). Eligible deposits held in RESPs that are not structured as trusts are not separately insured, but fall under the basic coverage. You can ask your CDIC member whether your RESP is structured as a trust.
• You may be eligible for additional coverage if you have two or more of the same type of registered plan, depending on how those plans are set up.

Grenoble street in Laval, Quebec, Canada. Photo by Elena

What happens if a member institution fails?

It is not necessary to file a claim with CDIC.

CDIC will communicate with the depositors of the failed member institution to advise how and when they will receive payment.

Payments are made as soon as possible.

The payment(s) will include principal and interest up to $100,000.

No insurance is payable on interest earned on a deposit after the date the CDIC member failed.

To avoid collapsing registered plans, CDIC transfers the insured funds to another member.

How is deposit insurance funded?

CDIC’s member institutions fund deposit insurance through premiums paid on the insured deposits that they hold. If required, CDIC is authorized to borrow additional funds, which CDIC repays with interest.

For more informationm for a list of member institutions and for other rules on deposits insurance, please visit CDIC’s Website at sdic.ca.

Canadian Cattle

Canadian Cattle

The Canadian race (Canadienne) is well adapted to the Canadian climate, soil and herbage and does not require the importation of expensive foods or intensive management. It is small (cows weigh about 530-545 kg, bulls weigh up to 770 kg), long-lived and has an exceptionally docile temperament. Canadiennes produce good quantities of quality milk in relation to their own body size and food requirements. A cow annually produces about 3800 kg of 4.4% butterfat, 3.6% protein milk.

Born pale, Canadienne cattle become black or dark brown, often with paler muzzle, side, and udder or scrotum. There may occasionally be white on the udder, stomach and chest.

The meat tends to be lean, and the light bone results in a high percentage of usable meat in relation to total body weight.

Also known as Black Canadian, Canadian or French Canadian, the Canadienne cattle were developed in Canada from animals imported from Normandy and Brittany during the 17th century.

Riverdale Cows. Canadien Cows. Photo: Elena

This stock was selected for hardiness and productivity in the New World. The first regular importations of cattle into Canada were in 1608-1610 from Normandy in France. Later importations came from Brittany and Gascony. Till today, most breeders and their cattle continue to be found in the province of Quebec.

The population of the cattle remained largely closed to other breeds and eventually became known as the Canadienne.  Unfortunately, the breed’s characteristics were not highly valued and by the mid-1800’s a number of influential farmers were encouraging the crossing of the native Canadienne with bigger imported breeds less adapted to local environmental conditions.

Only in the late 19th century the government decided to help the cattle and in 1895 a group of concerned breeders and academics joined to form the Canadienne Cattle Breeders Association.

In recent years the Quebec government has initiated several programs aimed at conserving the breed and encouraging the breeders to continue.

Canadien Cows, Riverdale Farm. Photo: Elena

In 1992 Canada had some 1.9 million milk cows and dairy heifers, about 73% in Ontario and Québec.

About 60% of the milk produced is processed into butter, cheese and skim milk powder; the remainder is consumed in liquid form. Canadian dairy products for domestic consumption or export must meet stringent health and safety as well as quality standards imposed by Agriculture and Agri-Food Canada and Health Canada.

Globally, the Canadian dairy industry uses seven breeds of cattle: Holstein, Ayrshire, Jersey, Guernsey, Canadian, Shorthorn and Brown Swiss. These dairy breeds are distinguished from beef cattle by their triangular, elongated, tall body form.