My Family and I migrated here in Canada in July 2013. One of the first few things we did before arriving is to apply Canada Child Benefit for our kids. We are so blessed to received money from the Canadian Government even if we haven’t started working yet and we just landed.
The only negative side is we need to declare it in our tax form, so it is counted as income (Universal Child Care Benefit).
The new Prime Minister of Canada Justin Trudeau (LIBERAL) promised during the election that he will replace the Conservative’s existing Canada Child Tax Benefit, National Child Benefit and Universal Child Care Benefit.
But there’s some benefits that will be removed like the Fitness and Arts tax credit. I will no longer claim a tax credit for the piano lessons fee of my kids.
But I can’t complain since the new Canada Child Benefit will increase and we can invest more on the RESP and TFSA funds of my kids education.
According to Global News
Families with children under age six will receive an annual tax-free benefit of up to $6,400 per child. Those with children between the ages of six and 17 will receive up to $5,400 annually. Households with children with annual income below $30,000 will receive the maximum payment.
The new program, coming into effect July 1, rolls three former benefit plans introduced by the Conservatives, including the Universal Child Care Benefit and the income-splitting scheme for two-parent households, into a single monthly payment.