5 Reasons To Consider Securing a Child Tax Loan


    Canada’s Child Benefit is a monthly disbursement intended to help families cover the expenses of raising children up to age of 18. As of 2019, much of the focus is providing monthly payments to families with limited income. The great thing about these disbursements is that they are tax-free. If you look around, it’s possible to find child tax loans online that allow you to utilize future disbursements to meet your children’s needs now. Here are some examples of what parents, guardians, and caregivers might do with the loan proceeds. 

    Providing the Child with Dental Care

    Even if you have dental insurance or if the province where you live offers some limited dental benefits, it could still be difficult to manage the cost of dental care for children. One way to leverage your CCB benefits is to obtain a loan and use the funds for braces, fillings, and any other dental work your child needs. Thanks to the simplicity provided by MagicalCredit loans paid out by installments, your child doesn’t have to wait until there’s enough money saved to get those braces. 

    Covering the Cost of Daycare or Afterschool Programs

    With both parents or caregivers working, where will the child spend time during the day or after school hours? There are programs for your child, but they cost money. Consider the idea of obtaining a loan using your CCB benefits to repay the debt. This allows you to know your child is properly supervised while you’re at work. 

    Paying For School Essentials

    There are all sorts of supplies that children need for school. From notebooks to backpacks to any number of other items, the expense can be a little daunting. Use the loan proceeds to purchase what your child needs. In many cases, you’ll have the loan repaid in full before there is the need for additional supplies. 

    Handling the Expense of Summer Camps

    Summer camps are opportunities for your child to meet new people, enhance social skills, and learn new things. Some camps focus on teaching children more about nature. Others have to do with helping the child acquire skills that enhance self-sufficiency. There are also specialized events like math camps that could benefit your child. A lot depends on what interests or aptitudes your child exhibits. 

    Along with broadening your child’s world, those camps also ensure your child is under the care of adults while you work during the summer months. You get the benefit of knowing your children are in good hands. At the same time, your child gets to learn something new and different. Using some of the loan proceeds to pay for camps is a wise investment in your child’s future. 

    Taking Care of Ancillary Expenses Related to the Child’s Home Environment

    You want to maintain a home environment that’s comfortable, safe, and ensures your child has all the essentials. What would happen if the washer broke down or the toaster needed to be replaced? While those appliances are not there solely for the benefit of your child, there’s no doubt that they do make the child’s life a little better. You could use some of the loan proceeds to repair or replace appliances and otherwise keep the home comfortable and safe for your child. 

    Many lenders require that the responsible adults establish accounts and have the CCB benefits direct-deposited into those accounts. That makes it possible to auto-deduct each monthly loan payment and never be late. Would this type of arrangement benefit your family? Talk with a lender today and see what can be arranged. The process may be simpler than you think.


    • Tom La Vecchia

      Founder of New Theory & X Factor Media

      Founder and Publisher of New Theory Magazine and Podcast. Serial Entrepreneur who loves wine, cigars and anything that allows to people to connect and share experiences.

    You May Also Like

    How Personal Loans Can Improve Your Credit Score

    There are many ways to improve your credit score, with some being quite interesting. ...

    PR Is the New SEO with Yitzi Weiner

    Rabbi Yitzi Weiner joined the New Theory podcast as he shares why PR is ...

    Top 40 Millennial Influencers to Follow in 2018

    Check out New Theory’s top Millennial influencers for 2018 So why 40? For one, ...