New Canada Child Benefit Payment to be paid on August 18: The Canada Child Benefit (CCB) is a tax-free monthly payment to help families bring up their children. This payment was sent out by the (CRA) Canada Revenue Agency.
The CCB payment affects many variables like marital status, the number of eligible children, age, and (AFNI) adjusted family net income.
So, CRA announced a new Canada Child Benefit Payment to be paid on August 18, which we will discuss in the upcoming paragraph. So, let’s dive in to know more!
New Canada Child Benefit Payment To Be Paid On August 18
According to the Canada Revenue Agency (CRA), parents who are living in Canada with their children will receive a new CCB (Canada Child Benefit) payment that will be paid on 18 August 2023.
By inflation, the income for the CCB for the year 2023–2024 has been adjusted, making it possible for more families to qualify for the maximum monthly benefit.
Parents can get the CCB payments based on the adjusted family net income (AFNI) mentioned in last year’s tax return. Also, the CCB amount will be improved this year from a maximum of $6,997 to $7,437 annually for one child under six years.
To determine the (AFNI) adjusted family net income, you need to assess your family net income, which is a sum of line 23600 on your tax return and line 23600 on your common-law partner’s or spouse’s tax return.
To calculate this, firstly, subtract the (UCCB) Universal Child Care Benefit and (RDSP) Registered Disability Savings Plan income from the total.
The Upcoming dates for payment of Canada Child Benefit are mentioned below:
- 18 August 2023
- 20 September 2023
- 20 October 2023
- 20 November 2023
- 13 December 2023
How Much Is The (CCB) Canada Child Benefit Per Month In 2023?
The maximum amount a family can receive for children under six years is $619.75 per month ($7,437 annually). The families can receive a maximum of $522.91 per month ($6,275 per year) per child for children ages 6 to 17.
But, this amount can be given to those families whose annual earning is less than $34,860. These amounts will be decreased if the adjusted net family income exceeds $34,865.
Canada Child Benefit Eligibility
An individual or a couple living with a minor, mainly responsible for the child’s upbringing and care, as well as a citizen of Canada for tax purposes, you or your common-law partner or spouse is one of the following:
- Canadian citizen
- Permanent resident
- Protected person
- A temporary citizen who has lived in Canada for the previous 18 months and has a valid permit in the 19th month, other than one that states “does not confer temporary resident status or “does not confer status.”
- A person who is registered or has the privilege to be registered under the Indian Act.
If any newcomer comes to Canada or has a newborn must check CCB eligibility and apply online.
So, it is all about the new Canada Child Benefit Payment to be paid on August 18.
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Source:- immigrationnewscanada.ca
