{"id":1600,"date":"2021-08-30T11:01:29","date_gmt":"2021-08-30T15:01:29","guid":{"rendered":"https:\/\/www.ayurfinancial.ca\/?p=1600"},"modified":"2021-08-30T11:01:29","modified_gmt":"2021-08-30T15:01:29","slug":"a-quick-look-at-the-canada-child-benefit","status":"publish","type":"post","link":"https:\/\/www.ayurfinancial.ca\/a-quick-look-at-the-canada-child-benefit\/","title":{"rendered":"A Quick Look at the Canada Child Benefit"},"content":{"rendered":"\n

If you\u2019re raising children younger than 18, you may be entitled to monthly support<\/em><\/p>\n\n\n\n

Of all the challenges that come with parenting, the financial challenge can be the hardest to overcome. Fortunately, if you\u2019re raising children in Canada, the government may offer you monetary assistance in the form of the Canada Child Benefit.<\/p>\n\n\n\n

Canada Child Benefit Basics<\/strong><\/h2>\n\n\n\n

The Canada Child Benefit (CCB) is a tax-free monthly payment from the Canada Revenue Agency (CRA) meant to help low- to moderate-income families defray the costs of raising children. The CCB began in July 2016 as a replacement for the Canada Child Tax Benefit, the National Child Benefit Supplement, and the Universal Child Care Benefit. It is the most recent and generous incarnation of a program launched in the early 1990s to end child poverty in Canada.<\/p>\n\n\n\n

Since July 2018, the CCB has been indexed to the cost of living, meaning that an increase in the cost of living automatically triggers an increase in the CCB amount.<\/p>\n\n\n\n

Who\u2019s Eligible?<\/strong><\/h2>\n\n\n\n

To be eligible for the CCB you must live with a child under the age of 18 whose care and upbringing you are primarily responsible for, and you must be taxed as a resident of Canada. Additionally, either you or your partner must be a Canadian citizen, an Indigenous person, a permanent resident, a protected person, or a temporary resident who meets certain criteria.<\/p>\n\n\n\n

If you share custody of your child, and your child spends roughly equal amounts of time at both households, each parent may be entitled to half the CCB payment. In this case, payment will be calculated based on each parent\u2019s own adjusted family net income (AFNI).<\/p>\n\n\n\n

How Much Do You Receive?<\/strong><\/h2>\n\n\n\n

The amount of your CCB is based on last year\u2019s income and is recalculated every July. For example, your AFNI from 2020 determines how much you\u2019ll get in CCB from July 2021 to June 2022. If your income changes in 2021, it won\u2019t affect your CCB payments until at least July 2022.<\/p>\n\n\n\n

The maximum benefit per child is:<\/p>\n\n\n\n