Canadian child benefit, also known as CCB is a plan where a monthly payment is given to eligible families in order to help them to raise children below the age of 18. These monthly payments are tax-free. Reports suggest that Canada has an aging population and that is why the country emphasizes on education as they need more and more learned kids.
Every year, you need to pay a certain amount around February for this plan. After which you get tax receipts by all the providers of Licensed Child Care, which entitles you for up to 40% tax refunds. CRA uses benefit and Income tax return to calculate how much your Canada Child Benefit amounts to be. Benefits are calculated every year basis the information provided by you and your spouse and are paid between July and June, annually.
You need RC66 form to apply for this plan. This form is also used to apply for HST or GST credit. You require a driving license, rent agreement or Joint bank account statement to prove your marital status. You will also need your family’s stamped landing papers which has details of child and parent or parents.
Child Care Subsidy
Unlike CCB, which is for children below 18 years of age, this is paid to parents of those children who age 12 or less in order to help them with the cost of licensed childcare. This plan helps the low-income families by providing financial support via reimbursement of full or half daycare fees or direct payment to the daycare. It works differently for different regions.
If you are planning to move or have already moved to Canada, you must not worry about your children’s future as Canadian laws are such that they emphasize and provide multiple programs/plans for the same. In a nutshell, you are in safe hands.
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