Back dating child benefit


06-Apr-2020 11:50

Can't wait for July 20 to find out the exact amount of the benefit?

Anyone registered for an online CRA account can look it up now, based on a 2015 tax assessment. Unlike the previous Conservative government's rollout of its enhanced UCCB last July, there's no lump sum retroactive payment dating back to Jan. The legislation to create the new benefit only received royal assent to become law in June.

For lower-income households, the CCB is billed as a game-changer.

Finance Canada says the CCB will lift 300,000 children out of poverty, compared with 2014-15 figures.

Even if your spouse didn't receive any benefits, you must add your spouse's income to yours when figuring on a joint return if any of your benefits are taxable.

You can figure the taxable amount of the benefits in Are My Social Security or Railroad Retirement Tier I Benefits Taxable?

In calculating family net income for CCB purposes, the former Universal Child Care Benefit (UCCB) and Registered Disability Savings Plan (RDSP) income are subtracted from your taxable income.

In other words: the monthly UCCB payments families received until now aren't padding the income on which the new amounts are based.

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Here are some things to know about the new monthly child benefit: When the federal budget came out in March, the finance department put out a simple calculator.

Social security benefits include monthly retirement, survivor and disability benefits.

They don't include supplemental security income (SSI) payments, which aren't taxable.

But the federal benefits year begins in July, meaning programs are split over the calendar year anyway.

The revised benefit isn't the only impact on a family's bottom line.

If the child is married, see Publication 915, Social Security and Equivalent Railroad Retirement Benefits, for the applicable base amount and the other rules that apply to married individuals receiving social security benefits.



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