Tuesday, September 4, 2012

New Baby? Make Sure Your Income Taxes Are Done!

Are you expecting a cute new baby in your life or have a newborn?  Are your income taxes all complete and submitted?

You might be wondering what the connection between these two questions is!

The Canada Child Tax Benefit (CCTB)  is a payment from the Federal Government to help families with the costs of raising children.  The majority of Canadians are eligible for this program, but you MUST FILE YOUR TAX RETURN TO RECEIVE THEM!

Separate sub-programs that are also included in this payment are the:

1) National Child Benefit Supplement (NCBS) for lower income families

2) Child Disability Benefit (CDB) for families with children who are disabled and qualify for the Disability Credit.

Also, each province may have programs as well.  In Ontario, there is the Ontario Child Benefit (OCB).

Ok, lets get to what everyone wants to know.

How Much Money Will I Get??


Using the online calculators using 2011 net income, and assuming your children don't have disabilities, here we go.  For children age 6 or under you will also receive $100/month for the Universal Child Care Benefit (UCCB), and your amounts will be slightly adjusted from these, as these figures are not including the calculations if you received UCCB in 2011. The amounts include CCTB, NCBS, and Ontario Child Benefit. 

These amounts are for people in Ontario.

Net family income of $100 000/yr will receive$21.59/month for 1 child,   $ 43.18 for 2 children.
Net family income of $ 80 000/yr will receive $54.92/month for 1 child,  $109.85 for 2 children.
Net family income of $ 60 000/yr will receive $88.26/month for 1 child,  $176.52 for 2 children.
Net family income of $ 50 000/yr will receive $104.92/month for 1 child, $209.85 for 2 children.
Net family income of $ 40 000/yr will receive $144.60/month for 1 child, $335.95 for 2 children.
Net family income of $ 30 000/yr will receive $271.27/month for 1 child, $594.27 for 2 children.
Net family income of  < $ 20 000/yr will receive $390.15/month for 1 child, $759.40 for 2 children.

To get an estimate of your own situation, go to the CRA calculators.


File Your Taxes!

You cannot receive this money unless you have filed your income tax return.  If you havn't filed for a few years and are eligible for these payments, you can go back up to 10 years and file and you will still receive the payments owed to you.

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