As of July 1, 2016, the Canada Child Benefit (CCB) has replaced the existing Canada Child Tax Benefit, the National Child Benefit Supplement, and the Universal Child Care Benefit. The CCB is a monthly, non-taxable payment directed by the Canada Revenue Agency (CRA). Eligible families who apply for the benefit can expect to see greater monthly payments than previous to assist with the cost of raising children under the age of 18.
CCB benefits are calculated using information such as the number and age of children residing with their parents, the family’s net income (adjusted to maximize benefits for people with low and middle incomes), and the eligibility of the child for disability benefits.
Under the new child benefit program, the maximum benefit a family can receive is $6,400 per year ($533.33 monthly) for each eligible child under the age of six, and $5,400 per year ($450.00 monthly) for each eligible child aged 6 to 17. When the adjusted family net income is over $30,000, the CCB amount is reduced.
If you have any questions about the CCB, Daniel & Partners LLP encourages you to speak to an accountant.
If you have any questions about what to expect before, during, and after marrying or living with your significant other, please contact Ken Garland of Daniel & Partners LLP. Our experience in family law encompasses cohabitation agreements, divorce proceedings, separation agreements, division of property, custody and support applications.
Our family law clients receive straightforward, levelheaded advice and skilled representation at an often confusing and difficult time.
If you need a family law lawyer in St. Catharines, please contact Daniel & Partners LLP today.
Blog post written by Michael Liddiard, Summer Law Student.