The Government of Canada has introduced a new child benefit scheme. This will make the Canada Child Benefit a simple, tax-free, and remarkable exercise which will help in targeting the needy persons. The Government has taken several measures and the C.C.B. was helpful in lifting nearly half a million people out of poverty. This also includes 300,000 children. As a result, nine out of 10 families presently have added money for helping in the high cost of life especially for the kids.
The PM Trudeau, announced that the C.C.B. was increased to sustain the high cost of living. This change appears two years in advance of schedule. Additionally it will give industrious parents additional money every month for buying the things of family need. The manifestation of the C.C.B. will provide $5.6 billion additionally, for supporting Canadians families, during the next five years.
Helping when there is a price rise
When everyday cost of essentials goes up, families receive more funds as benefits every month.
For the year 2018-19, the C.C.B. will provide the maximum annual benefit of $6,496 for each child below the age of 6 years. It is $5,481 for each child in the age group of 6-17 years. Normally, families will receive $6,800 every year, which is tax-free. Furthermore this will help in providing healthy food, better clothes, and also pay for summer camps.
Moreover right from the introduction stage, the Canada Child Benefit gave relief to the hard working parents, across the country. Presently, Canadian families will receive more money. The promise of indexing the C.C.B.to inflation, made to Canadians was delivered, and two years ahead of the earlier deadline.
Across Canada, C.C.B. payments worth over $23 billion benefit nearly 3.7 million Canadian families every year.
In 2017, the earning of a single parent was $35,000 with two children who received $11,000 tax-free through the C.C.B. The situation today, owing to the faster indexation of the C.C.B., will see additional $600 for the year 2019-20.