If you have kids under six, we’ve got some good news for you – and your bank account.
The Canadian government is rolling out their latest in economic support for those with young families, the CCB Young Child Supplement, and the first payment is scheduled for May 28th.
To receive the benefit – which was announced in November of last year – you have to already qualify for the Canadian Child Benefit (CCB) and will receive up to $1,200 in 2021 for each child under the age of six you have.
Families with net income under $120,000 in 2020 will receive $300 per child under six, and if your family net income for 2020 is more than $120,000 you will receive $150 per child.
The CCBYBS payments will be distributed on May 28th, July 30th and October 29th – the upcoming May 28th payment will include back-pay from January and April, meaning many Canadians will receive up to $600 per child for their first payment.
You do not need to apply to receive the CCBYCS, however, you have to have filed your 2019 and 2020 income tax and benefit returns to get the payments you are entitled to.
Parents who share custody will each get half of the CCBYCS for each child under the age of six based on their own family net income, and these payments are issued separately from the CCB payments you already receive.
Around 1.6 million families will receive the temporary benefit, which is expected to cost the federal government an additional $2.4 billion this year.