#FinancialFridays: The Government of Canada announces more support for parents with young children. Learn more here.
The Federal Government has announced more financial support for parents with their Canada Child Benefit Young Child Supplement (CCBYCS).
Families with children under the age of six in 2021 who receive the Canada Child Benefit will receive an additional supplement beginning May 28th.
If your family’s net income (income after tax is deducted) is $120,000 or less, you will receive $300 per payment for each child under the age of six. If your family’s net income is above $120,000, you will receive $150 per payment for each child under the age of six.
You may be able to receive up to 4 of these payments in 2021. Visit this link for more information on payment breakdown and eligibility: https://www.canada.ca/en/revenue-agency/news/2021/05/ccb-young-child-supplement-2021.html
If you were eligible for this supplement in January and April, you will receive those two payments together starting May 28th. If you are eligible for the third and fourth payment, you will receive these in July and October.
To receive these payments, you must file your 2019 and 2020 tax returns.