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

Understanding the CRA Notice of Assessment

Understanding the CRA Notice of Assessment How to object if you think the CRA is wrong Most of us have received our Notice of Assessment from the CRA for our 2020 tax returns. Mostly it is pretty much as you expected – a refund or no balance owing. But sometimes, the...

How to Use Excel for Small Business Accounting

Microsoft Excel can make simple accounting tasks more accessible. Explore the features and benefits of using Excel for small business accounting. Accountants are known for wearing pocket protectors and spending their days working in Microsoft Excel. I can vouch for...

Share This