Canada Child Benefit ๐Ÿ‡จ๐Ÿ‡ฆ ๐Ÿง’

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 ๐Ÿ‡จ๐Ÿ‡ฆ 2๏ธโƒฃ 6๏ธโƒฃ ๐Ÿ‘ช ๐Ÿง’ โ€ฆ

Canada Child Benefit
Canada Child Benefit

The amount of money a family receives from the Canada Child Benefit depends on several factors ๐Ÿ‡จ๐Ÿ‡ฆ ๐Ÿ’ฐ ๏ธ ๐Ÿ”› ๐Ÿ‘ช ๐Ÿง’. 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 ๐Ÿ†™ ๐Ÿง’. The amount decreases as the familyโ€™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 ๐Ÿ’ฐ 6๏ธโƒฃ ๏ธ ๐Ÿ‘ช ๐Ÿง’. 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 ๐Ÿ‡จ๐Ÿ‡ฆ ๐Ÿง’ ๏ธ. 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 childrenโ€™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 ๐Ÿ‡จ๐Ÿ‡ฆ ๏ธ ๐Ÿง’. 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 ๏ธ ๐Ÿ‘ช. 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 childrenโ€™s future education expenses ๐Ÿ‡จ๐Ÿ‡ฆ 6๏ธโƒฃ.

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.

Canada Child Benefit from PixaBay , user Karolina Grabowska
Canada Child Benefit from PixaBay , user Karolina Grabowska

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. โ€ฆ .

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2๏ธโƒฃ ๐Ÿง‘โ€๐ŸŽ“ 1๏ธโƒฃ 6๏ธโƒฃ ๐Ÿ”› ๐Ÿ‘ช ๐Ÿ’ฐ ยฎ๏ธ ๐Ÿ‡จ๐Ÿ‡ฆ ๐ŸŒ ๐Ÿ†™ ๐Ÿง’ ๏ธ

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