The 2024 Canada Child Benefit: How to Apply and What is The Criteria Eligibility?

by | Jan 25, 2024

Given the current inflation rate, raising a child is too much, particularly in Canada. It comes with a lot of responsibilities and is costly. The expenses of raising many children and providing them with an education are one of them. This is why the Canada Child Benefit Program exists. You heard that right! Take advantage of this benefit and simplify your life.

Parents with children under eighteen receive monthly payments from the tax-free Canada Child Benefit Program. Do you wish to learn more then? Are you curious about the application process and eligibility requirements? Explore Yogi & Associates‘ blog post about the CCB to get all the necessary information!

1. What is a Canada Child Benefit Program?

CCB is a program designed by the Canadian government for eligible parents. It sends a particular amount monthly to the parents or their caretakers to pay the expense of the child. It depends on the income, number of children, and age of the kids. The CCB was introduced in 2016 by the Canadian government. It is replaced with Canada Child Tax Benefits, National Child Benefit, and The Universal Child Benefit. The CCB ensures this incentive to the well-deserved families depending on their income.

Update:

The monthly CCB payment each family or the caretaker gets is $619.75. As the new year has started, the CRA is looking for a CBB payment in Feb 2024. Those who have applied for CBB funds can look online to check the payment status shown in Feb 2024.

2. What is the Purpose of Canada’s Child Benefit?

Financial Support:

The CCB support families to raise their children and invest in education and health care.

Reducing Poverty:

The other primary purpose is to reduce children’s poverty in the country. This will decrease the poverty rate of kids from Canada.

Universal Accessibility:

The CCB ensures every eligible family gets the support they need, with a broad scope designed to reach various families.

3. Who is Eligible for Canada’s Child Benefit?

Canadian National:

You need to be a protected person, a citizen of Canada, a permanent resident, or someone who has been here for at least 18 months with a valid permit as of the 19th month.

The Child’s Age:

To receive the CCB funds, your child must be under eighteen.

The Caregiver:

The recipient of the funds must be the biological parent or caregiver in charge of raising the child.

Income Tax

To receive the CCB funds, the parent must file their income taxes. Since it is income tested, the amount of money awarded to the family will be determined by their net income after taxes.

Benefits for Children with Disabilities:

Also, to CCB, parents of disabled children will receive other benefits. You must provide an official medical report of their disability from the child’s physician.

4. The Calculation of Canada Child Benefit:

The amount the CRA gives to the parents depends on two age groups:

  • Kids under the age of 6.
  • Kids between 6-17 years of age.

The funds CCB a family depends on the net income they get. There are two factors to look into:

A family who earns $34,863 in 2022, they get CCB funds from July 2023 to June 2024:

  • For children under 6 earning less than $34,863, the parents get $619.75 per month ($7,437 per year).
  • For each child between 6 and 17 years old: $522.91 per month ($6,275 per year)

Note:

If the parents earn more than $34,863, the CCB funds decrease. The amount reduces to 7% if the parents earn more than $34,863 and less than $ 75,537.

5. How to Apply for Canada Child Benefit?

1. Go to the CCB website and log into your My Account with your SIN and date of delivery.
2. Go to Overview and click ‘Benefits and Credit’ in the left-hand Navigation menu.
3. Find the “Child facts” section in the Benefits and Credits section, then click “+ Add.”
4. Adhere to the three-step application process:
5. Check your citizenship, marital status, and contact details.
6. Give precise statistics about your child.
7. After reviewing all the data, submit the form.
8. You can see your application status on a confirmation display screen.
9. Select the “Submit documents” button to attach further documents if requested.

The Bottom Line:

For the better future of their children, parents must comprehend and obtain the Canadian child benefit. This program can undoubtedly assist parents in handling their children’s finances. To get CCB, all you need to do is verify the eligibility requirements. The main goal of Yogi & Associates is to inform you of all the benefit programs available in Canada and can support your financial system.

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