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.

Source: narcity.com

Newsletters

Events & Sponsorship

Talent Kids Event 2017

August 19, 2017 RGB Accounting has proudly sponsored the 2017 Talent Kids event organized by Pecora Events on August 19th. RGB Accounting wants to thank organizers, presenters, judges, and all participants for making this a great event. Here we share some of the...

Los Nocheros USA/Canada Tour 2017

June 02, 2017 Argentina's biggest folkloric phenomenon arrived in Toronto, Canada to celebrate its 30 years trajectory. RGB Accounting was one of the sponsors of the event. More from our blog   Newsletters Events & Sponsorship Articles &...

2nd Latin American Entrepreneur Conference

May 29, 2017 The Entrepreneur Conference was organized by the City of Toronto's Economic Development & Culture department in partnership with the Latin American Bi-Lateral Trade Initiative (LABTI) which consists of the Consulate Generals of Argentina, Brazil,...

Tax Season 2017 at La Liga Indoor Soccer

April 29, 2017 RGB Accounting has been sponsoring social events to promote cultural values in the hispanic community of Toronto and the GTA. The During the last tax season, RGB Accounting helped many individuals and small business owners to prepare their taxes,...

Articles & Publications

How much is child benefit in Canada per month?

How much is child benefit in Canada per month? For each child: under six years of age: $6,833 per year ($569.41 per month) 6 to 17 years of age: $5,765 per year ($480.41 per month). Will child benefit increase in 2021? On July 20, the Minister of Families, Children...

Is Cryptocurrency Taxable in Canada?

Is cryptocurrency taxable in Canada? According to CRA, possessing or holding a cryptocurrency is not taxable. However, selling, making a gift, trading or exchanging a cryptocurrency, including disposing of one to get another, or converting cryptocurrency to a...

Have Unfiled Tax Returns For Years?

Do You Have Unfiled Tax Returns For Years? As for the record, the CRA wants you to file and pay your taxes on time every year. When you cannot do so, you may put yourself at risk of high penalty amounts and collection tasks like bank levies or wage garnishments. We at...

Old Age Security One-Time Payment Only

Old Age Security One-Time Payment Only. You will receive the one-time payment for older seniors if you were: born on or before June 30, 1947, and eligible for the Old Age Security pension in June 2021 If you have applied for the Old Age Security pension but have not...

CRA Notice of Objection

​CRA Notice of Objection (NOO) Once you file your taxes, you receive a Notice of Assessment and later a Notice of Reassessment.  You have two options:  Pay the taxes owing  File a CRA Notice of Objection (NOO). The CRA is not always right; when you disagree, you can...

Share This