The Canada Child Benefit Offers A Tax-Free Monthly Payment & Here's Who's Eligible For It
Eligible people can get up to $6,833 per year, and this figure is set to increase.👇💰
In a notice shared on June 16, the Department of Finance laid out an $8.9 billion plan that it says will help combat inflation, which has been "driven in large part by the lasting impacts of a once-in-a-generation pandemic, and amplified by China’s ongoing COVID-zero policies and Russia’s illegal invasion of Ukraine."
Among the policies, which includes a plan to boost the Canada Workers Benefit, are continued increases to several benefits, including the Canada Child Benefit, the GST Credit, OAS and more.
The feds say these supports will continue to be adjusted for inflation over time, which means eligible people could qualify for more support this year.
Raising children under 18? \n\nYou may be entitled to receive the Canada child benefit. More details on eligibility and how to apply for this tax-free monthly payment \nhttps://ow.ly/uSJH50Ixafe\u00a0 #CdnTaxpic.twitter.com/rzGjbF7RjT— Canada Revenue Agency (@Canada Revenue Agency) 1648914602
What is the Canada Child Benefit?
The Canada Child Benefit is described by officials as "a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age."
In some cases, the CCB may include the child disability benefit, as well as related provincial or local programs.
To qualify, an individual must be living with and caring for a child who is younger than 18 years old.
Applicants must also be a resident of Canada for tax purposes and they or their 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.
For example, for the payment period from July 2021 to June 2022, those with an AFNI of under $32,028 can get $569.41 per month ($6,833 per year) for each child under six years old and $480.41 per month ($5,765 per year) for each child aged 6 to 17.
"Benefits gradually start decreasing when the adjusted family net income is over $32,028," the CRA explains.
Each year in July, the benefit payment amount is recalculated based on your AFNI from the previous year, indexed to inflation.
In 2021, the feds boosted the amount on offer via the Canada Child Benefit to support parents during the COVID-19 pandemic.
To apply for the benefit, parents and primary caregivers can contact the CRA via mail or register via My Account online.
It can take up to 11 weeks to receive your first payment, depending on whether you submit it online or by mail.
This article's cover image was used for illustrative purposes only.
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