Canada Child Benefit is split into two parts! Families are paid the base amount and an extra amount for children under six years of age. The base amount applies to all families regardless of how many children they have or what their ages are. Children under six years of age will be charged an extra amount based upon their family income 🇨🇦 2️⃣ 6️⃣ 👪 🧒 …
The amount of money a family receives from the Canada Child Benefit depends on several factors 🇨🇦 💰 ️ 🔛 👪 🧒. These include how many children reside in the household their ages and how much income they make. Net income is used to determine how much benefit is awarded; generally speaking the higher income earned the smaller that benefit will be .
Families with net incomes of up to $30,000 will receive the maximum benefit which is $6,639 per child per year 🆙 🧒. The amount decreases as the family’s income increases and families with incomes of over $90,000 will not receive any benefit .
Families with children ages six to seventeen receive a base amount of $5,708 per child per year no matter how much money the family earns 💰 6️⃣ ️ 👪 🧒. This amount will not decrease for families with higher incomes .
The Canada Child Benefit is a non-taxable benefit, meaning it doesn’t affect a family’s taxes 🇨🇦 🧒 ️. Furthermore, it is index to inflation so it increases annually to stay abreast of living costs .
The Canada Child Benefit also comes with other benefits such as the Canada Learning Bond. This program provides money to families to help pay for their children’s post-secondary education. The money is invested in an RESP or Registered Education Savings Plan and the money grows tax-free until the child is ready to use it for their education.
The Canada Child Benefit is a great way for the government to help families with the cost of raising their children 🇨🇦 ️ 🧒. It provides a reliable source of income that can help families pay for the basics such as food shelter, and clothing, as well as the extras that can make life more enjoyable, such as sports, and arts activities, or special family outings ️ 👪. The additional amount for children under the age of six can provide extra help to families with younger children and the Canada Learning Bond can help families save for their children’s future education expenses 🇨🇦 6️⃣.
Canada Child Benefit is one of many ways the Government of Canada assists families in reducing the cost of raising children. The Canada Student Loans program the Canada Education Savings Grant and Supplement to the National Child Benefit are some of the other programs offered by the Government of Canada.
For more information about the Canada Child Benefit, or any of the other programs mentioned, families can contact the Canada Revenue Agency or visit their website. … .
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