The budget 2016 gives Canadian family more money to help with the high cost of raising their children, by replacing the current child benefit system with the new Canada Child Benefit.
You will see changes to your child benefits starting in July 2016.
The new Canada child benefits is a monthly tax-free payment for families with children under the age of 18. It will replace the Canada child tax benefit (CCTB), national child benefit supplement (NCBS), and the universal child care benefit (UCCB).
If you have children under 18 you are most likely eligible to receive Canada child benefit (CCB).
The amount of money you receive depends on two things:
- the number of children in your care, and
- your family net income
You can get up to:
- $6,400.00 per year (533.00 per month) for each child under the age of 6
- $5,400.00 per year (450.00 per month) for each child aged 6 to 17
- an additional $2,730.00 per year if your child qualifies for the disability amount.
The family with less than $30,000.00 in family net income will receive the maximum benefit.
For more information about the new CCB contact to Canada Revenue Agency or our office for assistance.
May 25, 2016