Baby New Year is frequently accompanied by Father Time, a cloaked old man who carries an hourglass and a scythe. But as of last year, you can no longer claim the dependent exemption (to the tune of $4,050 per head). The first baby born on New Year's Day gets a lot of media attention. The birth of a child is a life-changing event that can affect many aspects of your finances, including your … As a nanny and baby consultant who has worked across the U.S. and Europe, I've seen firsthand how different places support new mums and dads. Think of the tax credit as a dollar-for-dollar reduction of taxes. New Year babies have always been a favorite subject of … Have a look at this run-down of the main ones, including Parental Leave Pay, Family Tax Benefit, Child Care Subsidy and Dad and Partner Pay. Think again. There’s still a prize for parents in the form of a tax deduction for the year. Think your baby is too young to reap the rewards of reading? Research shows it's never too early to start enjoying books with your little … Even New Year’s Eve baby qualifies parents for child tax credit December 31, 2018 : Annelise Wiens While it may be the first baby of the new year who gets the headlines, the babies born during the final days of the year may pay off the most – at least when it comes to taxes. Instead, you can file for the child tax credit, which has doubled (it’s now $2,000 versus $1,000). The hospital or city where the baby is born may also give the parents a prize, ranging from a gift basket to a college scholarship. Whether they're single or married, working or staying at home, healthy moms and their babies are in the best interest of every country -- but there are a variety of ideas about how to help them. If you're a new parent there are a variety of financial benefits and supports available to you. If you are pregnant, live in Manitoba and have a net family income of less than $32,000 a year, the Manitoba Prenatal Benefit can provide you with a monthly cheque to help you buy healthy foods that you need during pregnancy. He is modeled after Cronus, the father of … The Tax Benefits for a Newborn Baby Child. Your new baby qualifies as a dependent. - BabyCenter Australia