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Is child benifit and tax credit the same?

Child tax benifit question 10 points!?

  • Im going to be getting a lump some of my child tax benitfit credit because i didnt aply for it until my son turnd a year old. How much each month does the (canadian) in ontario child tax benifit credit pay out? Do I have to pay it back?

  • Answer:

    The maximum for one child in Ontario is about $325 per month. This comprises the CCTB basic benefit, the National Child Benefit Supplement (NCBS), and the Ontario Child Benefit (OCB). These three things will be combined and paid together to get to the $325 total. The OCB gets clawed back once your income reaches $20,000. The NCBS gets clawed back once your income reaches $21,187. The CCTB gets clawed back at $37,885. The Universal Child Care benefit is a separate benefit that you would use the same form to apply for. This is a straight $100 per month for any child under age six.

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The basic benefit is $108.91 per month per child. The amount increases if you have more than three children, and decreases if your income is above a certain threshold. You can use the online calculator below to find out the exact benefit amount based on your situation.

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It depends on your income. The calculator is located below If you applied and all the information was correct you will not have to pay it back. You will have to file a tax return every year and declare your income. This information will be used to recalculate the payment every year. http://www.cra-arc.gc.ca/bnfts/clcltr/menu-eng.html

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