5 Important Things to know about the New Canada Child Benefit

 

Starting July 2016, families with children under 18 are eligible to receive the New Canada Child Benefit. It is tax-free and replaces the current child benefits (Canada Child Tax Benefit CCTB, National Child Benefit Supplement NCBS, and Universal Child Benefit UCB). The government said that nine out of ten families will get higher payments under the CCB.

There are 5 important things you need to know about CCB, here they are:

1. Families with less than $30,000.00 in family net income will receive the maximum benefit. As adjusted family net income increases, the benefit is reduced until it reaches zero. Aside from the number of children, one important factor is the family net income.
2. You don’t need to apply for the CCB if you already have the CCTB and UCCB or both but you and your spouse or common-law partner have to file a 2015 tax return or else your child benefits will be delayed or you cannot get a CCB.
3. The first payments will be issued on July 20, 2016.
4. The last regular CCTB and UCCB payments will be issued on June 20, 2016.
5. The CCB payments will be put directly to your bank account on where your CCTB and UCCB are deposited.

If you want to know how much CCB you will get, you can visit their website or click here , you will need your 2015 tax return or Notice of Assessment to calculate the accurate benefits that you will get.

If you are a newcomer and haven’t received any Child Benefits, you can apply online for the program. Check this site to apply.

Are you in favor of the new changes on Child Benefits? Let the government hear your words, comment below for any reactions.

 

Sources.

Canada Child Benefit Notice

cra.gc.ca