The Canada Revenue Agency (CRA) has recently announced additional support for families with young children, as proposed under Bill C-14. The Federal Government will supplement the Canada Child Benefit (“CCB”) through additional quarterly payments to families with children under the age of six.
If entitled to the CCB, the additional quarterly payments for families with a net annual income equal to or less than $120,000 will be $300 per child under the age of six. Families with a net annual income of over $120,000 will receive additional quarterly payments of $150 per child under the age of six.
Payments are expected to begin after the legislation has been passed, with subsequent payments being made in April, July and October of 2021.
Eligibility will be determined based on CCB payment. The first quarter and April 2021 payments will be based on the family’s net annual income for 2019. Subsequent payments made in July and October will be reflective of the family’s 2020 net annual income.
For further details on this announcement, please click here
For the latest updates regarding Bill C-14 or the Canada Child Benefit (CCB), please call CRA at 1-800-387-1193 for more information. Make sure before you call to have your social insurance number, personal details about the children in your care, and information from previous benefit payments ready to verify your identity.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. EPR Maple Ridge Langley, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.