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Canada Child Benefit

Great news for Canadian families! You are currently receiving benefits for your child/children from the Government of Canada! As of July, 2016, the Canada Child Benefit (CCB) has replaced its predecessor, the Universal Child Care Benefit. With the new CCB, most families will see an increased monthly benefit that is now based on annual family income, number of children, and a child’s age. For example, families with less than $30,000 in annual net income receive the maximum amount of $6,400* per year ($533 monthly) for children under 6 years old and $5,400* per year ($450 monthly) for children ages 6 to 17.While families with an annual income in excess of $150,000 will receive little or no money at all.

UCCB

The Government of Canada estimates that 9 out of 10 families will receive more in child benefits than before. The CBB is better targeted to those who need it most: the working middle class. The CCB is also completely tax-free! So when you file for your tax return, there is nothing to pay back.

With this new increase, it may be tempting to spend your monthly CCB on a family vacation or something short-term, but before you do that, consider investing some of that money into an Registered Education Savings Plan (RESP) or boosting your existing RESP. Contributing just a fraction of your monthly CCB into your child’s education will let their future shine brighter.

Contributions made in an RESP will remain tax-deferred until they are withdrawn to fund tuition and any other post-secondary-related expenses. With an RESP, your child is eligible to receive the Canada Education Savings Grant (CESG), which matches 20% of annual contributions up to a maximum of $500 per year and a lifetime maximum of $7,200 per child.

A small contribution now can make a difference of a lifetime. To find out more about using your CCB dollars towards an RESP or to increase your monthly contributions to your Global Plan, contact a Global Dealing Representative {insert link to Find a Rep page} today!

* Canada Child Benefit Calculator




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