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.