When those cheques are delivered the Liberals will have fulfilled a key election campaign promise.
The new benefit program was showcased as part of the federal government’s 2016 Budget.
The Canada Child Benefit replaces the previous mish mash of child benefit programs to give families a tax-free, monthly payment worth up to $533 a month per child under six-years-old and $450 a month for each child aged six to 17.
Families that net less than $30,000 will receive the maximum benefit, amounting to $6,400 a year for each child under the age of six and $5,400 annually for each child aged six to 17.
This infusion of cash is especially important to many families in Peel, where over 60,000 families have household incomes of $30,000 or less.
According to United Way of Peel figures, he added, one in five children in Peel (about 62,798 children) live in poverty.
Introducing the new benefit is projected to cost the government an additional $4.5 billion in 2016/2017 and $5.3 billion more in 2017/2018 compared to the previous system.
The extra cash families get should really be put aside for the child’s use, it is hoped that parents don’t use the cash to pay off other bills or put it toward some new purchases.
Families can visit www.cra.gc.ca/benefits-calculator to determine benefit levels. – CINEWS