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May 27, 2021

Canada Child Benefit (CCB)

Canada Child Benefit (CCB) & Your Tax Return

From the CRA website: 

The Government of Canada recognizes that young families in particular have been impacted by the unpredictable expenses of the COVID-19 pandemic. This money will help pay for things such as short-term child care arrangements, healthy food, clothes, and activities they can do at home as a family.

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 first payments will be issued on May 28, 2021, which will include both the January and April payments for those entitled to them. The final two payments will be issued on July 30 and October 29, 2021.

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.

Make sure to contact us here at Cahill CPA to begin your return, and ensure you are receiving all the benefits & support you are entitled to. 

From CRA:

You can use this calculator to see what child and family benefits you may be able to get and how much your payments may be.

https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html

Let us know how we can help!

604-985-0123

 

 

 

Cahill CPA: North Vancouver Accountant, CPA

Crystal Cahill

Crystal Cahill is responsible for the social media and marketing at Cahill CPA. Crystal completed her Bachelor of Arts Degree at Simon Fraser University in English, and has an Education Degree and teaching certification. She enjoys keeping clients updated on new accounting practices, upcoming tax deadlines, and news & events within the Cahill CPA office & staff. She is married to Cahill CPA partner Jordan Cahill, and together they have two young children.