New Canada Child Benefit Program Starts July 1st
Throughout New Brunswick, the new Canada Child Benefit takes effect Friday, July 1, replacing both the Universal Child Care Benefit and the Child Care Tax Benefit.
This Canada Child benefit will be received for the first time on July 20th. The Canadian government issued this video explaining the new benefit:
Good Year Accounting and Tax Services Ltd has prepared this video breaking down what the new program will mean for Canadians:
The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The CCB might include the child disability benefit and any related provincial and territorial programs.
The Canada Revenue Agency uses information from your income tax and benefit return to calculate how much your CCB payments will be. To get the CCB, you have to file your return every year, even if you did not have income in the year. If you have a spouse or common-law partner, they also have to file a return every year.
Canada Revenue Agency Spokesperson Desmond Arsenault says if you are already receiving Universal Child Care Benefit and the Child Care Tax Benefit, there's no need to reapply.
Benefits are paid over a 12-month period from July of one year to June of the next year. Your benefit payments will be recalculated every July based on information from your income tax and benefit return from the previous year.