The revamped Canada Child Benefit (CCB) launches tomorrow, Wednesday July 20th.
Payments will depend on income, number of children per household and the age of each child. The Child Tax Benefit is set to replace both the Universal Child Care Benefit Child Tax Credit with a single tax-free benefit monthly payment.
According to Finance Minister Bill Morneau, “Nine out of 10 families will get more help than they do under existing programs.” Low and middle-income families will receive higher payments while those with the highest incomes (over $150,000) can expect to see less – if anything at all.
So what will parents do with the extra money? And what would be the most beneficial to their children’s future?
Knowledge First Financial commissioned a poll with Ipsos to provide some insight on the matter. After day-to-day household expenses, most Canadians intend on saving for post-secondary education.
Tasha talks with business journalist Bruce Sellery talks about the changes and how saving for post-secondary education is crucial.
You can use the Child and Family Benefits Calculator to figure out how much your family will receive.