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
Changes to RRSP and CPP in 2021
The Canada Revenue Agency (CRA) has made annual announcements about the nation’s retirement programs. Namely, the Canada Pension Plan (CPP) and the Registered Retirement Savings Plan (RRSP) are being updated as we enter the new year. Here are the changes you need to...
CRA Collection Letters for CERB Ineligibility & Repayment
The Canada Revenue Agency has begun issuing formal collection letters for CERB repayment to recipients who may or may not have been eligible for the payments they received. You may have received a letter from CRA regarding CERB payments to be paid back along with one...
TFSA limit for 2021 released
The TFSA new contribution limit for 2021 has been officially released. That limit is $6,000, matching the amount set in 2019 and 2020. With this TFSA dollar limit announcement, the total contribution room available in 2021 for someone who has never contributed and has...
CERB has ended, here is what to know about your benefits
After providing millions of Canadians with financial relief since the beginning of the pandemic, the Canada Emergency Response Benefit (CERB) will be coming to an end on Saturday and recipients will be forced to transition to a recently updated Employment Insurance...
CRA Warning: Pay Your Taxes on the CERB!
The Canada Revenue Agency (CRA) might have helped you through the lockdown if you lost your job due to COVID-19. The federal government initially announced the Canada Emergency Response Benefit (CERB) that would see qualifying Canadians receive $2,000 per month over...