With the new changes in the CCB, eligible families in Canada will be getting more money from the federal government. Therefore, this money is to help them with the cost of raising children who are less than 18 years of age.
Prime Minister Justin Trudeau said that these tax-free payments are going to be for things like food, after-school activities, and clothing. Also, he said that the payments can be used for “whatever your growing family needs.”
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Good news for parents across the country: Today, your Canada Child Benefit is going up! That means you’ll have more money – every month – to pay for the things your kids need. And we’ll keep working – every day – to make your life more affordable.Prime Minister Justin Trudeau
These benefits aim to support hundreds of thousands of kids across Canada. The government has stopped sending child benefit checks to millionaires. Additionally, it now focuses on people who actually need that support.
It is no surprise that after the COVID-19 pandemic, prices of everything continue to rise. Thus, to help parents cope with the cost of living in Canada, the government has introduced CCB.
Recently, the government announced its affordability plan. They have set aside $8.9 billion to provide various benefits to help people with inflation. Some of these benefits include Canada Workers Benefit, CAIP, GST Credit, and so on.
The total amount of money that families could get depends on a couple of factors. So, this amount is going to be adjusted based on the-
- Number of children in a family’s care,
- Marital status of the parent(s) or guardian(s),
- Lastly, adjusted family net income (AFNI) that was reported in the prior year’s tax return.
People whose AFNI was under $32,797 can get the maximum amount available for each child. This amount is $6,997 per year or $583.08 per month for children under 6. For children aged between 6 and 17, the amount is $5,903 per year or $491.91 per month. However, if your family’s net income is over $32,797, the payments will start decreasing.
Who is eligible for the Canada Child Benefit?
To be eligible, you must be-
- Living with or caring for a child who is less than 18 years of age
- A resident of Canada for tax purposes
- Lastly, you or your partner must be a Canadian citizen, a permanent resident, a protected person, an eligible temporary resident, or an individual who is registered or entitled to be registered under the Indian Act.
If you want to apply for this benefit, parents and caregivers will need to contact the CRA. You can contact them via mail or register via My Account online.