I work with many parents who have minor children in their family. For time to time, some would express that they are running with a tight budget, so it would be difficult to plan for the financial future of their children.
As a father of two daughters, I also reviewed what are some benefits that parents are entitled to. One of the good news is that in the recent federal budget changes, the government introduced the “Canada Child Benefit“.
This is a monthly benefit paid to family who has child age under 18. The amount would vary according to the family income, the number of child in the family, and the age of the child.
For example,
- If a family has income $20,000 in 2015
- With 2 children under age 6, then the monthly benefit would be $1,066
On the other hand,
- If a family has income $80,000 in 2015
- With 2 children under age 6, then the monthly benefit would be $601
I obtained the above figures from an online calculator of a government website. Here’s the link where you can also easily calculate your Canada Child Benefit: http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html
Since the benefit is based on your family income, it is important you do your tax filing every year. Now you have more money flowing to you every month, rather than spending them recklessly, why not use them effectively to build a brighter future for your child?
*In addition to the Canada Child Benefit, if your child is diagnosed with prolonged disabilities, you should also look into the Child Disability Benefits.
- Disclaimer:
- Details are obtained from the following sources as of April 28, 2016.
- http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html
- Information may be subjected to change without notice and cannot be guaranteed to be error-free. It is used for general understanding only and do not intend to provide any advice. Please consult the benefit program provider and a professional for exact details.
- Details are obtained from the following sources as of April 28, 2016.