Whether you’re a parent, or recently found out you’re going to be one, you might not be aware of how the Canada Child Benefit works. The Canada Child Benefit (CCB) is a payment on the 20th of each month to Canadian parents. But there’s much more to it than that.
While there are other programs that say one thing and dish out another, the CCB is relatively generous. If you have a child that is under six, you can receive a maximum of $6,765 per year for that child. If you have a child that’s between six and 17, you can receive a maximum of $5,708 for that child.
The average Canadian family receive about $6,800 in annual benefits from CCB. That’s about $567 in monthly tax-free payments coming your way. On top of that, you’ll also likely receive payments from your provincial or territorial government as well.
But what about after age 17?
You’ve gotten used to these monthly payments. You may have used these payments to invest in your child’s future. However, once your child reaches 17, they don’t suddenly become a different person. They’re still your child, and you’ll want to help support them.
If you’re a parent, you can start this straight away.
Introducing: Exceedia’s Children’s Wealth Plan
Simply start putting those payments towards your child’s future by investing with our Children’s Wealth Plan. These are tax-free payments from the government, so put them to work the best way you can.
Our Children’s Wealth Plan has the flexibility to meet your child’s needs from now through adulthood with the following features:
Money: Receive $14,00 tax-free benefit in year 15 and year 30 for your child to spend as you wish – whether that be education, life experiences or even towards home ownership.
Health benefit: In the event that your child experiences a major covered illness, you will receive a tax-free benefit of $50,000 to allow you time to focus on caring for your child.
Transitioning to Adulthood: Once your child is old enough, you can choose to transfer the plan over to them. If they are not mature enough to manage their finances, you can continue to own the plan and the benefits for as long as you wish.
Retirement planning: What if you decide not to gift your children? This plan is flexible enough for you to use it to fund your own retirement!
Are you ready to start building your child’s future today?
Book your introductory meeting and ask about our Children’s Wealth Plan.