The Canada Child Benefit Offers A Tax-Free Monthly Payment & Here's Who's Eligible For It
Eligible people can get up to $6,833 per year.👇💰
The feds are reminding Canadians who are raising a child under the age of 18 that they may be eligible for the Canada Child Benefit (CCB), which offers a tax-free monthly payment of up to $569.41.
In a tweet on Saturday, April 2, the Canada Revenue Agency (CRA) reiterated that Canadians may be entitled to receive the money, provided they're caring for a child or teenager.
The Canada Child Benefit is described by officials as "a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age."
In some cases, the CCB may include the child disability benefit, as well as related provincial or local programs.
To qualify, an individual must be living and caring for a child who is younger than 18 years old.
Applicants must also be a resident of Canada for tax purposes and themselves or their partner must be a Canadian citizen, a permanent resident, a protected person, an eligible temporary resident or an individual who is registered, or entitled to be registered under the Indian Act.
The amount each individual can get varies depending on a series of factors, including the number of children in your care, their age, your marital status, your adjusted family net income (AFNI) and more.
For example, for the payment period from July 2021 to June 2022, those with an AFNI of under $32,028 can get up to $569.41 per month ($6,833 per year) for each child under 6 years old. Or, they can get up to $480.41 per month ($5,765 per year) for children aged between 6 and 17.
"Benefits gradually start decreasing when the adjusted family net income is over $32,028," the CRA explains.
Each year in July, the benefit payment amount is recalculated based on your AFNI from the previous year, indexed to inflation.
In 2021, the feds boosted the amount on offer via the Canada Child Benefit to support parents during the COVID-19 pandemic. However, the increase has not been extended into 2022.
To apply for the benefit, parents and primary caregivers can contact the CRA via mail or register via My Account online.
It can take between 8 and 11 weeks to receive your first payment, depending on how the application is processed.