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
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...
Tidy Up Your Finances
Time to tidy up your finances. As the tax-filing season ended on April 30th after a year that was upended by the pandemic, financial pros suggest investors take stock of their financial position and do a little spring cleaning. While portfolio and financial management...
About hobbies and side hustles
About hobbies and side hustles You may think it is just a hobby, but CRA may disagree. CRA wants its fair share if you earn money through a little side hustle, business activity, or another extra gig. The agency believes many tax dollars in the past may have gone...
How to Track Business Expenses: 7 Steps for Success
Tracking business expenses is an integral part of maintaining a small business, and as a small business owner, you can't afford to ignore it. Learn how to start tracking expenses with these steps. You may use a variety of methods to track business expenses. Still, to...
Budget 2021: What’s missing?
Budget 2021: What’s missing? The Liberal government has laid out billions in fresh spending after over two years without a federal budget — and while many of the government’s recent pledges graced its pages, others were notably absent. It’s possible some policies were...