90% of families to receive new child tax benefits starting July

money_june17Canada’s new child benefit, which will begin arriving in mailboxes after July 1, will slash child poverty by 40 per cent.

This new child tax benefits will reduce poverty from about 11.2 per cent to 6.7 per cent.

In other words it is expected to pull about 300,000 children out of poverty, a large number of them reside in the GTA.

The new program, costs the government an additional $22.4 billion over five years, replaces three current child benefits with a single monthly payment.

Under the new tax-free benefit, families with children under age 6 will receive up to $6,400 per child annually and those with children between the ages of 6 and 17 will receive up to $5,400.

The maximum benefit will go to families with annual net incomes below $30,000 while payments to those with net incomes above $200,000 will be eliminated. Nine out of 10 families will get something. – CINEWS

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