CHANGES TO CHILD BENEFITS

28 Jun CHANGES TO CHILD BENEFITS

Starting July 2016, the Universal Child Care Benefit (UCCB) and Child Tax Benefit (CTB) will be replaced with the Canada Child Benefit (CCB).

The CCB is a monthly benefit paid to Canadian families with children under the age of 18 and is based on income level.

Some quick facts about the new benefit include:

• Canada Child Benefit is entirely tax-free
• Maximum annual benefit per child under the age of 6 is $6,400
• Maximum annual benefit per child between the ages of 6 through 17 is $5,400
• Families with less than $30,000 will receive the maximum benefit

The Government of Canada has a benefit calculator which provides an estimate of the child benefits a family could receive: http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html

This publication is produced by Andrews & Co. as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors.