Financial Information

 

Adoption Grants

 

There are several organizations in Canada and the USA that offer grants for adopting parents. These range from $2,000 to $10,000, and are usually tied to income levels of adopting parents.

 

One that we have dealt with is:

 

Orphan's Hope

 

Adoption Loans

 

The costs of an intercountry adoption can be substantial. The National Bank of Canada has an adoption loan program specifically for adopting parents.  The costs can be financed over a period of time up to 10 years. More information can be found on the National Bank of Canada website  

Many of our adoptive parents have also found that their own bank will offer preferred interest rates on a loan or line of credit for the purposes of adoption.  It may be worth talking to your bank about it.

 

Adoption Tax Credit

 

Adopting parents in Canada are able to claim a tax credit in the taxation year that an adoption is finalized. Information on how to claim the credit is at the following link: Canada Revenue Agency - Adoption Expenses

 

Adoption Benefits for Employees

 

Does your employer offer Adoption Benefits? 

 

In workplaces all over North America there has been an increasing awareness of the need for adoption benefits to employees. Today more than one-third of companies in the United States offer their employees at least some benefits related to adoption. Canadian companies have been slower to introduce these benefits, but there is a positive trend especially among companies with American parent companies or affiliates. 

 

These benefits vary from offering adoptive parental leave to topping up Employment Insurance (EI) payments and even adoption assistance reimbursement. 

 

In many cases companies have not offered adoption benefits simply because it has not occurred to them. Surely the benefits of parental leave, EI top up and flexible work schedules should apply equally to biological and adoptive parents! Check to see what benefits your company offers and if they aren't adequate, advocate for change!

 

Websites to check out: