Image source: Getty Images. Becoming a parent is a whole new chapter of your life. Planning a baby is not just an emotional decision but also a financial decision. A baby needs constant care and attention. The Canada Revenue Agency (CRA) has some cash benefits and tax deductions for parents. The CRA’s childcare benefits for parents The CRA has divided all permanent child benefits into three segments: Young children below six years of age Older children above six but below 18 years of age Children with physical or mental impairments. The CRA offers higher benefits for the first and third segments, as they need more care than the second segment. Sometimes, one parent even gives up a job to care for children. This makes it difficult for low- and middle-income earners to manage expenses.