Parents may be wondering what all this talk is about a new Canada Child Benefit.
It will officially go into effect next month and will replace the Universal Child Care Benefit and the Child Care Tax Benefit.
Spokesperson for the Canada Revenue Agency Desmond Arsenault says if you are already receiving those payments, there’s no need to reapply.
“Families who are already receiving the UCCB or the CCTB will be automatically rolled over to the new program,” says Arsenault. “The method of payment will remain the same, if they were receiving benefits by cheque that will continue, and if they were receiving benefits by direct deposit as well.”
Arsenault says under the plan, nine out of ten families will receive a higher payment than they did before.
Arsenault says it is hoped to give families more tax free dollars to help raise their children.
“This benefit is targeted to lower income families, however it is extended to individuals with even higher incomes that will receive some benefit,” says Arsenault. “The method that is calculated will depend on the number of children in the care of the family, as well as the net family income for the previous year.”
This new benefit will be received for the first time on July 20th and every 20th of the month subsequent to that says Arsenault.
“It’s very seamless there’s nothing to do, for families who may not be currently receiving benefits, they can go online, and apply through a form,” says Arsenault.
To calculate what you will get, click HERE
