By Liz Jansen | August 06, 2020 Canada Child Tax Benefit Loans (CCTB) – For Whom, How and How Much?

Canada child tax benefit loans (CCTB) 2019 is a Canadian federal aid program introduced for the parents with children under the age of 18 to meet their daily needs. Our respected new Prime Minister, Justin Trudeau, makes several changes in our Canada’s policies including income taxes and other government benefits policies. This also comprises some changes in current CCTB (Canada Child Tax Benefit), which is now renamed and popularly known as “Canada Child Benefit”.

Since Canada Child, Tax Benefit Loans launched, approx. 20 billion dollars have been paid to the 2.3 million families living in Canada and it’s really a big help to the benefited people. Parents who are currently receiving CCTB are automatically adjusted from old to new Canada Child Benefit 2019 program.

What is Canada Child Tax Benefit (CCTB)?

The Canada Child Tax Benefit exclusively for families and single parents living in Canada having a child or children who are at present under the age of 18. These changes are made to simplify the process and more enhance the current Child Tax Benefit program. Some of the changes are:

  • Fewer Complications: Now Canadian families who are a relay of Child Tax Benefit will get a specific amount of money every month for the time period of 12 months.
  • New Payment Standards: Now families who receive less income will receive more benefits than those who earn a higher income.
  • Amount Increase: An average amount of CCTB is $2300
  • Tax Free: Parents and families who are enrolled for Child Tax Benefit Canada will not need to pay taxes when filing their income tax returns.

To access Child and Family benefits calculator, click here!


Why Would Someone Who Qualify For CCB Need a Child Tax Benefit Loans?

There are unlimited reasons “Why people need to apply for loans”. Even Government is giving good financial support every year to the Child Tax Benefits; families who are receiving such welfares may be also feeling lack of money. In fact, depending on the income of parents and how many children they have, it is very hard to support family along with their daily expenses, like household expenses and car repair etc. Most of the people need to apply for payday loans Canada child tax benefit to effectively fulfill their monthly necessitates.

It can be very hard to survive, especially for single parents to fulfill all their expenses on their limited income. In this time, taking a cash advance on child tax credit is a perfect way to save you from lack of cash. Families with more members are easily stuck in cash emergencies like they need to pay medical bills, household expense etc. and child tax credit loans online can help to cover all such unexpected situations.

Are You Expecting a Child?

WOW! Good news and first of all a big Congratulations! If you are a citizen of Canada and a biological mother, you can submit an Online Automatic Benefits Application here. You can easily register your newborn child on the birth registration form. At the same time, you can submit your application for the Canada Child Benefit programs related to your province.

How Can I Apply For a Child Tax Benefit Loans?

There are lots of online lenders, banks and other monetary institutions in Canada with different types of approval standards who provide Canada Child Tax Benefit Loans. Every responsible lender will want that you are enough financially capable to pay back the borrowed money. Your lender might check the following:

  • Your Current Credit Report and Score.
  • Yours Past Financial History.
  • Your Employment or Benefits Status.

These are important and basic checks; other qualification criteria depend upon the lender respectively. It is advisable that you have all update your financial and personal information before applying for a cash advance on your child tax benefits.

Online Canada Child Tax Benefit Loans

You can receive a good amount of cash from Child Tax Benefit Loans rely on the number of your children and their age. Once you and your spouse are able to convince the lender that you can afford the cost of your loan, you could be able to get lots of loan offers on your Child Tax Benefit. Don’t worry!! Next time if you feel cash deficiency and you are on Canada Child Tax Benefit, then come apply with us…