Site icon Brown Henderson Melbye

How do Recent Changes to MSP Premiums and the new Canada Child Benefit Affect You?

Medical Services Plan (BC) – As of January 1, 2017, there are no longer premiums payable for children under the age of 19 or for dependent post-secondary students (this can include a student enrolled in full-time studies at a trade school, technical school or high school).

Canada Child Benefit (Federal) – As of July 2016, many Canadian families are eligible for the Canada Child Benefit (CCB), a tax-free monthly payment to help with the cost of children under age 18. This can include the child disability benefit and any related provincial or territorial programs.

Previously, many Canadian families were eligible for the Child Tax Benefit, the National Child Benefit Supplement and the Universal Child Care Benefit. Both of these have been replaced by the Canada Child Benefit.

Like the previous benefits, the payment period for the Canada Child Benefit is from July to June, with the benefit to be calculated on the prior year’s income tax returns for your household.

Eligibility requirements for the Canada Child Benefit:

Learn more about this benefit, how it is calculated or how to apply for this benefit if you are not already receiving it.

In British Columbia there are also the BC Early Childhood Tax Benefit and the B.C. Family Bonus available for eligible families, both funded by the Province of British Columbia.

Exit mobile version