What is Canada’s Child Benefit and how does it work?
The Canada Child Benefit (CCB) is a tax-exempt government program created to assist families with the cost of raising children 🇨🇦 ️ 🧒. Established by the federal government in 2016, the CCB replaced both UCCB, Child Tax Benefit, and Universal Child Care Benefit 🧒. Payments are made monthly depending on family income and amount of children living within the household 🔛 👪.
How much can I receive from the Canada Child Benefit?
The maximum annual benefit families can receive is $6,765 per child under the age of 6, and $5,708 per child aged 6 to 17; families earning $120,000 or more will no longer be eligible for the CCB 🇨🇦 🧒.
How is the Canada Child Benefit paid?
The CCB is paid to eligible families in monthly installments 🇨🇦 🧒. The amount of the benefit is calculated and paid on a quarterly basis ️ 🔛. The payment can be direct deposits into your bank account or you can receive a paper check 🏦 ️.
When do I have to apply for the Canada Child Benefit?
Families must apply for the CCB each year when they file their taxes 🇨🇦 🧒. If you have not received your benefit yet you can contact the Canada Revenue Agency (CRA) for assistance 🇨🇦.
What other benefits can I get with the Canada Child Benefit
The CCB also provides other benefits to families 🇨🇦 🧒. These benefits include a reduction in the amount of federal income tax you owe an increase in the amount of the Working Income Tax Benefit an increase in the amount of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit and a reduction in the cost of childcare ️.
Are there any other tax credits I can benefit from?
Also to the CCB, there are several other tax credits available to families . These include the Child Care Expense Deduction (CCED), the Disability Tax Credit (DTC), the Adoption Expense Tax Credit (AETC), and the Medical Expense Tax Credit (METC). Each of these credits can provide significant tax relief for families .
In conclusion, the Canada Child Benefit is a tax-free government program designed to help families with the cost of raising children 🇨🇦 ️ 🧒. The amount of the benefit is built upon family income and the lot of children in the family 👪. Families must apply for the CCB each year when they file their taxes in order to receive the benefit . The CCB also provides other benefits to families, covering a reduction in the amount of federal income tax they owe, an increase in the amount of the Working Income Tax Benefit and an increase in the amount of the GST/HST credit ️. Furthermore to the CCB there are several other tax credits available to families which can provide significant tax relief . !! .
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