In Budget 2016, Prime Minister Justin Trudeau replaced the Universal Child Care Benefit (UCCB) with the Canada Child Benefit (CCB), with an objective to support growth and development of the middle and lower classes to build Canada.  The Canada Child Benefit (CCB) amount is adjusted to include inflation.

Here is a summary by AG Tax professionals on Canada Child Benefit (CCB), the benefit amount for 2018 and the necessary steps to take to ensure you receive the benefits.

Overview of the Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is a tax-free benefit amount receivable on a monthly basis, which started in July, 2016. The CCB target is to benefit the low and middle income families. Initially, families earning a total net income of less than $30,000 were to benefit the most out of the CCB plan.

Canada Child Benefit 2018 Amount

The maximum CCB annual amount families can receive for children under 6 years of age in 2018 is CAD $6,496. For children aged 6-17, families will now be eligible to receive a maximum of $5,481 per child.

Canadian taxpayers may visit CRA CCB calculator to get an idea of their estimated receivable Canada Child Benefit amount.

If a taxpayer or their spouse or common-law partner with child(ren) have recently become eligible for CCB, they should apply for CCB. Further information may be found on the CRA website. The CRA may request supporting documentation to validate eligibility. Therefore, keep all necessary documents in place once an application has been made to avail these benefits.

Do keep in mind that filing the income tax and benefit return is must to receive the CCB benefit amount. Both: the spouse and taxpayer should file their Canadian income tax return every year.

CRA’s mobile application ‘MyCRA’ allows taxpayers to view their personalized benefit and credit information anytime, anywhere, taxpayers can consider downloading this application on their mobile devices to keep themselves updated about their tax data.

AG Tax LLP Can Help

If you have any tax-related queries or need assistance with tax planning or filing please contact AG Tax. Our tax professionals are highly-experienced with U.S. and Canadian tax laws and can provide you the right guidance to handle your tax situation.

Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to U.S., Canada and other international tax laws.

We can assist with:

  • Canadian Personal and Corporate tax returns
  • Cross Border Taxation and Business Planning
  • U.S. Personal and Corporate Taxation
  • Disclosure of Foreign Assets and other information filings
  • Retirement planning
  • Estate Planning, Inheritance tax advice

To obtain a quote or to arrange for a consultation to discuss your tax related queries, please contact us at:

  • 416-238-5920 (Greater Toronto Area, ON)
  • 604-538-8735 (Greater Vancouver Area, BC)
  • 780-702-2732 (Greater Edmonton Area, AB)

 

Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.