If you’re a parent and you’ve been wondering exactly how much money is going to land in your bank account when the all-new Canada Child Benefit rolls out this Wednesday, wonder no more.
Federal Finance Minister Bill Morneau just tweeted out a link to an online calculator you can use to get an idea of what you’ll receive. It replaces an earlier one released with the federal budget in March.
Just make sure you have your 2015 or 2014 tax return handy because you need to enter your net income information, plus information from lines 117 and 125.
What the new benefit looks like
The new Canada Child Benefit plan was introduced by Morneau in the spring budget announcement.
The new program essentially replaces the Harper government’s three different credits, including the Canada Child Tax Benefit, Universal Child Care Benefit, and the income-splitting scheme for two-parent households.
- One single benefit payment per month
- Higher payments for low and middle-income families, lower payments for those with highest incomes (generally over $100,000)
Families can get up to:
- $6,400 per year for each child under the age of 6
- $5,400 per year for each child aged 6 to 17
- Households with children and an annual income under $30,000 will receive the maximum payment.