Eligible Canadian families receiving the Canada Child Benefit (CCB) can expect a little extra money this month, thanks to the CCB young child supplement (CCBYCS).
The extra money — which is up to $1,200 in 2021 — will be paid out in four instalments throughout the year, with the first two payments landing on May 28, 2021. The final two payments will be distributed on July 30 and October 29, 2021.
The 1st CCB young child supplement is being issued May 28th! If you want to sign up or update your direct deposit i… https://t.co/Gl9nHjhIWc— Canada Revenue Agency (@Canada Revenue Agency) 1620933903.0
The purpose of the boost is to help families with children under the age of six during the COVID-19 pandemic. The additional funding is there to cover things like "short-term child care arrangements, healthy food, and clothes."
While families already receiving the CCB do not need to take any action to receive their payments, the Canada Revenue Agency (CRA) says it's essential that they file their 2019 and 2020 tax returns to access the money.
This is because the payments made in May are based on the family net income for 2019, while the July and October payments are based on the family net income for 2020.
If an eligible family or individual fails to complete their tax return, the CRA will be unable to calculate how much they are owed. This could cause issues and delays when it comes to payouts.
While Canada's tax deadline has already passed, the CRA says families can still qualify for the CCB and the CCBYCS by completing their taxes as soon as possible.
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