Eligible families can get up to $1,200 per young child in 2021.
Eligible Canadian families receiving the Canada Child Benefit (CCB) can expect a little extra money this month, thanks to the CCB young child supplement (CCBYCS).
The extra money — which is up to $1,200 in 2021 — will be paid out in four installments throughout the year, with the first two payments landing on May 28, 2021. The final two payments will be distributed on July 30 and October 29, 2021.
The purpose of the boost is to help families with children under the age of six during the COVID-19 pandemic. The additional funding is there to cover things like “short-term child care arrangements, healthy food, and clothes.”
While families already receiving the CCB do not need to take any action to receive their payments, the Canada Revenue Agency (CRA) says it’s essential that they file their 2019 and 2020 tax returns to access the money.
This is because the payments made in May are based on the family net income for 2019, while the July and October payments are based on the family net income for 2020.
If an eligible family or individual fails to complete their tax return, the CRA will be unable to calculate how much they are owed. This could cause issues and delays when it comes to payouts.
While Canada’s tax deadline has already passed, the CRA says families can still qualify for the CCB and the CCBYCS by completing their taxes as soon as possible.
- How much can you get – Canada child benefit (CCB) – Canada.ca ›
- Canada child benefit (CCB) – Canada.ca ›
Source: narcity.com
Newsletters
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.
Events & Sponsorship
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.
Articles & Publications
Everything you need to know about your 2020 taxes.
As tax season begins, Canadians are faced with filing for an unprecedented year - job losses, federal financial aid, and working from home are just some of the major adjustments made over 2020. The Canada Revenue Agency (CRA) has listed all the deadlines for the 2020...
Which Accounting Method is Best for Your Business?
Accounting Methods: Which One is Best for Your Business? Every small business owner needs to decide which accounting method is best for their business. We'll explain each method and help you decide which one you should use. There are different types of accounting....
Award-Winning ADP Next Gen Payroll Platform Expands to Canada and Mexico
Market-leading cloud platform available across North America ADP is expanding its leading Next Gen Payroll Platform across North America to Canada and Mexico to help transform the payroll experience for both practitioners and employees in those markets. With...
ADP Canada National Employment Report
Employment in Canada Decreased by 28,800 Jobs in December 2020 Employment in Canada decreased by 28,800 jobs from November to December according to the December ADP® Canada National Employment Report. Broadly distributed to the public each month, free of...
Canada Emergency Rent Subsidy (CERS)
Canada Emergency Rent Subsidy (CERS) Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue due to the COVID-19 pandemic may be eligible for the Canada Emergency Rent Subsidy (CERS) to cover part of their commercial rent or...