Raising a child in Canada is no doubt expensive. A lot of parents are often stressed about the cost of raising a child. To help people overcome this stress, the government offers certain benefits for families with children. This is known as the Canada Child Benefit (CCB). CCB supports hundreds of thousands of families with kids in Canada.
So, if you are expecting a child or already have one, this article is for you. Listed below are the benefits you get from the government.
What is the Canada Child Benefit?
CCB is a tax-exempt benefit that is given to all families with children under 18 years of age. This is a government-sponsored financial aid for all parents who need it. Also, this payment is not taxable income. Moreover, you can also get provincial and territorial program benefits such as:
- Ontario child benefit
- Alberta Child and family benefit (ACFB)
- British Columbia child opportunity benefit
- Nova Scotia child benefit.
Each province has its own benefits.
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Who is eligible For Canada Child Benefit?
To be eligible for Canada Child Benefit, you need to be a primary caregiver for a child under 18 years of age. Also, you need to live with them and be a Canadian resident for tax purposes. Moreover, you or your spouse must be at least one of the following:
- A Canadian citizen
- A permanent resident
- A protected person
- A temporary resident who’s lived in Canada for a minimum of 18 months or has a valid permit
How Much money can you get?
The amount of money you get for your child depends on various factors. Some of the factors are-
- The number of children you have
- Your family’s net income
- If your child is eligible to receive the child disability benefit
- Marital status
- Lastly your residence and whether you qualify for provincial benefits
The most important factor that impacts the amount of money you get is your family’s net income. So, if your family’s net income is under $32,028, you’ll receive the maximum payment. Also, these benefits are clawed back based on your family’s net income. Additionally, the number of children you have also impacts the amount of money you receive.
For last year, you will receive payment from July 2021 to June 2022. Also, the maximum you can get is $6,833 annually for each child under the age of 6 and up to $5,765 for each child between the age of 6 and 17.
CCB Payment Reductions Depending on the income level and no. of children
You can use the child and family benefits calculator to know how much you can expect.
Source: CRA Website