Families in Canada with children under the age of 18 sometimes qualify for what used to be known as a child tax benefit. That benefit is still around today, although it’s now called the Canada child benefit. What qualified families may not know is that there are lenders willing to accept that monthly benefit as income for obtaining a loan.
Assuming your family does receive this type of federal aid, what could you do with the money from a child tax benefit loan? Here are a few suggestions.
Your Child Needs New Clothing
It’s time for new clothes for school or other activities. The only problem is there’s no money left in the bank account this month. Do you try to make do with what your child already has and wait another month? You could do that, or you could obtain a loan and buy whatever your child needs right now. That includes the right attire for different school activities as well as any materials needed for the classroom.
You Need To Replace An Appliance That Benefits Your Child
What would you do if the refrigerator or oven stopped working? How would you repair or replace that major appliance? Remember that it’s not all about you; both of those appliances are used to ensure your child has access to food that’s fresh, healthy, and cooked properly. It would be fine to use funds from a child tax benefit loan to replace those broken appliances and continue making sure your child enjoys nutritious meals.
Your Child Could Use A New Mattress
Children need their sleep just as adults do. If your child’s mattress is in poor condition, you can bet that it’s affecting his or her sleep. That in turn can have a detrimental effect on the ability to concentrate in school or focus long enough to successfully complete all sorts of tasks.
Obtain the loan and find a high-quality mattress for your child. It will pay off in terms of ensuring your child is well-rested, alert while at school, and enjoys a better temperament all the way around.
You’d Like To Send Your Child To Summer Camp
There’s a great opportunity for your child to attend summer camp this year. The only problem is that you can’t come up with the cash to pay for the experience. Why not seek a child tax benefit loan and use the money to cover the costs?
Your child will have the chance to meet new people, do new things that he or she could never do at home, and the opportunity to develop some new and helpful social skills. While your child is having fun and learning new things, you can start the process of paying off the loan using a series of easy installment payments.
Your Child Needs Braces
It only makes sense that you would want your child to enjoy the highest possible level of health. That includes dental as well as general physical health. Since the dentist has confirmed that your child needs braces, it’s time to figure out how to pay for them. If you don’t have private insurance or if there’s no provincial plan that will help, your only real option is to find a way to pay cash.
A loan is an answer in this case. Borrow enough money to cover the cost of the braces. Make sure the payments will fit into the household budget with relative ease. Depending on how the loan terms and conditions are structured, you could have the loan paid in full by the time the braces come off.
These are only some of the ways to put the funds from a child tax benefit loan to good use. Is there something else that you would like to do on behalf of your child? Determine how much you need and submit an application. The money could be in your hands a lot faster than you thought possible.