Want to save money on your groceries? Here are some ways you can spend less on your next grocery bill: https://t.co/tAp86e1eGp
Canada Child Benefitin Canadian Government News and Updates
Currently, the Federal Government provides financial assistance to families with children under age 18 through the Canada Child Tax Benefit or CCTB and the Universal Child Care Benefit or UCCB.
The CCTB is a non-taxable benefit paid monthly based on the adjusted family net income and the number of children in the family.
The UCCB provides a taxable benefit of $160 per month for each child under the age of 6 and $60 per month for each child 7 to 17.
Budget 2016 proposes to replace both these benefits with a new Canada Child Benefit to simplify and consolidate the existing child benefits.
The Canada Child Benefit will provide a maximum benefit of $6,400 per child under the age of 6 and $5,400 per child aged 6 through 17.
On the portion of adjusted family net income between $30,000 and $65,000, the benefit will be phased out at a rate of 7 per cent for a one-child family, 13.5 per cent for a two-child family, 19 per cent for a three-child family and 23 per cent for larger families. Where adjusted family net income exceeds $65,000, remaining benefits will be phased out at rates of 3.2 per cent for a one-child family, 5.7 per cent for a two-child family, 8 per cent for a three-child family and 9.5 per cent for larger families, on the portion of income above $65,000.
In addition to this, Budget 2016 proposes to provide an additional amount of up to $2,730 per child eligible for the disability tax credit.
Entitlement to the Canada Child Benefit for the July 2016 to June 2017 benefit year will be based on adjusted family net income for 2015 tax year.
Canada Child Benefit payments will start in July 2016. The UCCB and CCTB will be eliminated after June 2016.
Check the Canada Child Benefit Calculator to see how much benefit payments you are entitled to.
- Budget 2016: Business Income Tax Measures part 2
- Teacher and Early Childhood Educator School Supply...