In the first four years since its implementation, the Canada Child Benefit (CCB) has helped lift nearly 435,000 children out of poverty. Families entitled to the CCB with children under the age of six can expect to receive a bit more money in the bank this year.
- The Canada Child Benefit (CCB) is a tax-free monthly payment based on income, and provides increased support for low- to middle-income families, to help with the cost of raising children under 18 years of age.
- To help families with children cope with the added pressures of COVID-19, the federal government delivered, in May 2020, almost $2 billion in additional support through a special one-time $300 top-up of the CCB per child. Approximately 3.7 million families benefitted from this measure.
- Families that are entitled to the CCB with a net income of more than $120,000 will receive $150 per payment for each child under the age of six.
Families could receive up to $1,200 in support per child under the age of six in 2021. This will benefit about 1.6 million Canadian families and about 2.1 million children under the age of six.
In 2021, families that are entitled to receive the CCB with a net income of $120,000 or less, will receive $300 per payment for each child under the age of six.
“The Government of Canada is committed to supporting all hard-working families and individuals across the country. Having raised my children as a working mother, I know the challenges that parents face when balancing the well-being of their children with economic necessity. This supplement will offer families with young children a significant reprieve from the pressures of the pandemic and offer them further opportunity for recovery and a return to a new normal for themselves and for their children.”
-The Honourable Diane Lebouthillier, Minister of National Revenue
Families that already receive the CCB will not need to take any action to receive the payments. However, families do need to file their 2019 and 2020 tax returns to access them. The payments that will be made in May for each of the first two quarters – January and April – are based on the family net income for 2019. The July and October payments will be based on the family net income for 2020. This may mean that payment amounts differ for some families mid-way through the year.
Families that have not yet filed for either year could still qualify for CCB and for the CCBYCS by doing their taxes as soon as possible.
For more details please visit: www.canada.ca
The above summary is for informational purposes only.