Baby Bonus! CCB Young Child Supplement Payments Coming May 28

Beth Graddon

There’s good news for Canadian families with young children: the first Canada Child Benefit Young Child Supplement (CCBYCS) payments will be issued later this month on May 28. The CCBYCS was initially proposed in the November 2020 Fall Economic Statement to help families cope financially during the pandemic. It received Royal Assent on May 6. Here’s how it works:

How much can families expect? Families with a net family income of $120,000 or less will receive $300 per payment for each child under the age of 6, while those with a net family income over $120,000 will receive $150. However, the payment amounts are up to a maximum of $1,200 per family in 2021.

How to apply.    No application is required, but families (individuals and their spouse or common-law partner) must file any outstanding returns for the 2019 and 2020 tax years.

Who’s Eligible?  The CCBYCS is available to families who are entitled to receive the regular CCB amounts in January, April, July or October 2021. The first two payments will be issued together on May 28, 2021 and these payments are based on 2019 family net income. The payments coming in July 30 and October 29 are based on net family income for 2020.

Late Filer Alert.  Any late T1 filers who may be eligible should file their 2019 returns ASAP in order to receive all their supplement payments without delay and in the correct amounts. 

See a DFA-Tax Services Specialist™ for help with prior filed returns. 

Additional educational resources: RSVP now for an analysis of the April 19, 2021 budget and its impact on the future of our economy and family financial planning at the May 20 Virtual CE Summit.