If you have a new or young family, there’s great news from the federal government.
The government has announced, if you qualify for the Canadian Child Benefit you will receive up to $1,200 for each child you have under the age of six. Payments will begin in early 2021.
If you make less than $120,000 per year and receive the Canadian Child Benefit there will be four tax-free payments of $300 issued to you.
Maybe you make more than $120,000 per year. In that case you will receive four tax-free payments of $150.
Around 1.6 million Canadian families will benefit, which will cost about $2.4 billion.
“COVID-19 has been especially hard for young children and their families. We know that many middle-class families are really struggling,” said Deputy Prime Minister Chrystia Freeland.
Expect to see the first payment in early 2021 after the legislations is passed in parliament.