The Canada Child Benefit (CCB) provides money to eligible families to help them with the costs of raising children. The CCB is a monthly, non-taxable payment administered by the Canada Revenue Agency (CRA). You must apply for the CCB. ► Find Out What the CRA Owes You: bit.ly/3ECAUlM
To qualify for CCB payments, parents need to file their returns every year to start or continue receiving benefits. The CRA calculates eligibility in July, and it’s based on information that comes from your tax return
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In a way, the CCB is the product of two previous government benefits, namely the longstanding Canada Child Tax Benefit, or CCTB, and the separate Universal Child Care Benefit (UCCB), which was originally introduced in 2006
You can use the Child and Family Benefits Online Calculator to get an estimate of the amount you may receive. This will also calculate whether you are eligible for the Ontario Child Benefit and/or the Child Disability Benefit: www.canada.ca/en/revenue-agen...
Some provinces and territories offer additional assistance to help with the cost of raising a family. Some of these benefits are added to your Canada child benefit (CCB) payment. Conversely, as a family’s income grows, the monthly CCB payment decreases, until it is no longer available to parents at the highest income levels
If your family net income is below $32,028, you get the maximum Canada Child Benefit amount for each child, this will not be reduced. The Canada Child Benefit was also increased in 2021 to help manage the impact of Covid-19.
How To Register Your Newborn for the CCB -
Providing you are the birth mother, and you haven’t already completed an application, CRA makes it easy for new parents to apply for the CCB. It’s called the Automated Benefits Application. At the time you register the birth of your newborn with your province, you can consent to have your birth registration information shared securely with the Canada Revenue Agency
One of the most effective ways to save for your child’s education is through a Registered Education Savings Plan, or RESP. Through the Canada Education Savings Grant (CESG), the government provides a 20% match on annual RESP contributions, to a maximum of $500 per child
If you’re not already maximizing your contributions, consider topping them up with monies from the CCB. Another huge benefit of a RESP is that it offers tax-sheltered growth for the duration of the plan, until the funds are withdrawn.
If you qualify for the Canada Child Benefit and are not currently receiving it, you may be missing a valuable source of income that can provide a much-needed boost to your family’s financial wellbeing
The CCB is completely tax-free and deposited directly into your bank account or mailed as a cheque to your home.
Want to receive a higher monthly CCB payment? There’s an effortless way to do so while saving more for your financial future. Use your RRSP to increase your CCB payments. CCB is calculated based on your net household income, you can use RRSP contributions to lower your net household income and qualify for a higher CCB payment
Key to maximizing CCB lies in minimizing a household's net income. Deductions that lower the amount on line 23600 of the federal tax return will result in higher monthly benefit. E.g., people who don't contribute the max to their registered retirement savings plans (RRSPs) miss more tax-free CCB income
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video. Please, always do your own due diligence!
#CCB #CanadaChildBenefit #TaxFreeMoney
30 июн 2024
