New Child Tax Benefits
Have you recently noticed changes to your universal child care benefit payments? Effective July 1, 2016 the federal government introduced the Canada Child Benefit (CCB). The CCB is a tax-free monthly payment made to eligible families to assist with the costs of raising a family. The monthly payments will also include child disability benefits and any related provincial benefits. This program replaces the universal child care benefit, Canada child tax benefit, and the national child benefit supplement. Parents will be eligible for a maximum of $6400 per year for each eligible child under the age of 6. They will also be eligible for $5400 per year for each eligible child from the age of 6 to 17. These amounts are reduced when the families adjusted net income is above $30,000. For more information on this topic please refer to the Canada Revenue Agency’s publication found here.