Reminder: Some Clients Will Win UCCB Lottery July 20

If you have not already done so, this is an excellent time to contact your clients who are eligible for the Universal Child Care Benefit (UCCB) to let them know about the increase in the benefit made effective in the April 21 federal budget, as well as the lump sum that may be coming their way on July 20, 2015.

Following are the key points to communicate about the benefit:

• The UCCB is increasing for children under 6, from $100 per month per child to $160 per month, effective January 1, 2015.

• The UCCB is also being expanded to include a benefit of $60 per month for each child aged 6 through 17, effective January 1, 2015.

• Because these enhanced benefits were announced in April 2015 but made effective retroactive to January 1, 2015, families who qualify for the UCCB will receive a lump sum for the additional amounts, payable on July 20, 2015.

What does that mean to your clients? Parents with children under age 18 living at home will be receiving a lump sum of $420 per child with their July Child Tax Benefit payment. This amount represents the additional $60 per month per child payable as of January 1, 2015.

This is a great opportunity for your clients who will be winning the UCCB lottery to invest the lump sum in an RESP or TFSA for maximum growth and tax savings.