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Child Tax Payment Dates | Eligibility And Maximum Payments

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Child Tax Payment Dates | Eligibility And Maximum Payments

Child Tax Payment Dates | Eligibility And Maximum Payments. Families with children under the age of 18 in Canada receive direct, tax-free monthly payments through the Canada Child Benefit (CCB). The CCB payment cycle spans from July to June of the following year. The Child Tax Payment for February 2023 is scheduled for crediting by the 20th of February or within the subsequent 5 working days. The Canada Revenue Agency (CRA) updates CCB payments annually in July based on your family’s previous year’s net income.

Maximum CCB Payments in 2023

Child Tax Age Per Year Per Month
Children under the age of 6 $6,997 per child $583 per child
Children between 6 and 17 years of age $5,903 per year $491 per child

To estimate your monthly payment, you can utilize the CCB calculator on the Government of Canada website.

Eligibility Requirements for CCB Payments

To qualify for the CCB, you must be the child’s primary caregiver, live with them, and be a Canadian resident for tax purposes. Additionally, you or your spouse must meet one of the following criteria:

  • Canadian citizen
  • Permanent resident
  • Protected person
  • Temporary resident with at least 18 months of presence in Canada or a current permit.

Canada Child Benefit Payment Date 2023

CCB payments begin in July of the benefit year and extend over a 12-month period until June of the following year. Continuously applying and being accepted for CCB ensures no interruptions in your payments.

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The CRA disburses the Canada Child Benefit (CCB) on the following dates:

  • January 20, 2023
  • February 20, 2023
  • March 20, 2023
  • April 20, 2023
  • May 19, 2023
  • June 20, 2023
  • July 20, 2023
  • August 18, 2023
  • September 20, 2023
  • October 20, 2023
  • November 20, 2023
  • December 13, 2023

If your annual benefit is under $240, you’ll receive a single lump sum payment along with your July payment.

Frequently Asked Questions

Q1) Can CCB be taxed?

Ans:- The Canada Child Benefit is tax-free and not considered part of your taxable income. You should still file your tax return annually as the CRA determines CCB eligibility based on your prior-year tax return.

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Q2) Where can I obtain details of my Child Tax Payment For February 2023?

Ans:- You can access information about your CCB benefits and payments through your CRA My Account, subscribe to email reminders, or use the MyBenefits CRA app.

Q3) How are CCB calculations made?

Ans:- The amount you receive depends on your family’s net annual income, the age and number of your children, and your province of residence.

Q4) Does marital status matter?

Ans:- Inform the CRA promptly of any changes in your marital status, as it may affect your benefit amount.

Conclusion

For parents or prospective parents, exploring the CCB program is recommended. It’s easy to apply for, and as long as you remain eligible, you can rely on consistent monthly payments. Additionally, utilizing both the CCB and its provincial equivalents can provide valuable financial support for raising a family.

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