If you’re a parent, you know that from the first day your child enters the world, raising them is a costly matter. From baby items and the furniture you require, to just keeping up with the rate that your child outgrows their clothing, parents constantly feel the financial pinch of the reality of child rearing. That’s why in 1989 the Canadian government put forth into motion the Canada Child Benefit (CCB), with the aim to end child poverty in Canada. Here’s the lowdown on what you need to know about the CCB, and some strategies on how to maximize this benefit in the long run.
What is the Canada Child Benefit?
Do you know how much it costs to raise kids in Canada? Take a look at the breakdown.
The Canada Child Benefit increases in July 2019
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The CCB is tax-free
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You can use your CCB as an emergency fund
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Contribute to an RESP
Time for allowance?
Paying off debts
Of course, there are ways to make the most of a tight budget as you recover financially.