Beginning Wednesday July 20, 2016, many Canadian families with children under 18 can expect to see an increased child benefit payment via the new Canada Child Benefit (CCB) program.
Under the previous system, families could receive both the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB). The CCTB was based on income but the UCCB was universal.
The UCCB provided $160 for every child per month under 6 and $60 per month for children aged 6 to 17. That money was paid out regardless of income level.
The new CCB combines the CCTB and UCCB into a single payment, is entirely based on income level and also tax-free. This will result in lower income households receiving more money than higher income families.
Under the new CCB, families with kids under the age of 6 will receive as much as $6,400 per child annually and $5,400 for kids between the age 6 and 17.
This will result in families with net income below $30,000 per year receiving the maximum and families earning more than $200,000 per year having their payments eliminated completely.
If you’ve been receiving child benefits and are up to date on your income tax return filings, there is no need for you to apply for the new benefit. Your notice of eligibility status will be mailed out and payment directly deposited into your account or cheque sent out in the mail.
See how much you may be entitled to: http://www.cra-arc.gc.ca/benefits-calculator/