It’s hard to keep track of the changes to our family benefits, but the upcoming change from the new Liberal Government is definitely going to make a difference to your monthly budget. It is supposed to be an increased amount for 9 out of 10 families!
The Canada child tax benefit (CCTB) 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 Canada Revenue Agency uses information from your income tax and benefit return to calculate your CCTB payments. You can use this handy calculator to get an idea of what you can expect starting July 1st!
Now that you have an idea of how much to expect – how will you spend it? Perhaps RESP’s? Read here for some tips from our experts about RESP’s.