Editor: Today, too many middle class families struggle to get ahead. It is harder and harder for families to save money for the high cost of raising their children as the cost of living keeps rising.
In our first year as government, Liberals announced the implementation of the Canada Child Benefit, a simpler, tax-free, and better-targeted federal tax benefit.
We are delivering on our promise to replace the Universal Child Care Benefit (UCCB) and the Canada Child Tax Benefits (CCTB) with the Canada Child Benefit (CCB).
Implemented in the first budget tabled on March, 2016, the new benefit begins this month. Eligible Canadian families who have a child under 18 will receive their first Canada Child Benefit cheque, and this single monthly benefit will be recalculated every July based on information from families’ income tax and benefit return from the previous year. It is tax-free and families will not have to pay back the amounts received when they file their tax returns each year.
The Canada Child Benefit will provide a maximum annual benefit of up to $6,400 per child under the age of six and up to $5,400 per child aged six through 17.
The CCB will give nine out of 10 Canadian families more money in their pockets to help with the high costs of raising their kids. Additionally, there will be 300,000 fewer children living in poverty in 2016-17 compared to 2014-15.
We want to keep it simple for parents. If they already get the UCCB or the CCTB, or both, they will not have to apply for the CCB. However, the parents must file a 2015 income tax and benefit return, even if they did not have income in that tax year. The CRA will use their adjusted family net income from their return to calculate your payment. The payment the family receives for the July 2016 to June 2017 period will be based on their adjusted family net income for 2015.
With the CCB, Liberals kept the promise to increase benefits for the middle class and ensure all Canadian children can build a bright future.
To find out how much a Canadian family can benefit monthly use our online CCB calculator here.
Liberals believe that a strong economy starts with a strong middle class. When you have an economy that works for the middle class, you have a country that works for everyone.
Liberal Member of Parliament for Cloverdale-Langley City