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How much is the proposed Canada ChildBenefit worth to you one of the liberal platform promises was to replace the current child benefit system which had three components with one single benefit known as the candidate child benefit or CCB let's see how this proposal would work the proposed Canada child benefits non-taxable but is income tested that means lower-income households will receive more support while support to higher income households will be phaseout the CCB starts at six thousand four hundred dollars per year per child under the age of six it starts at five thousand four hundred dollars per year per child that is sixth 17 years of age then depending on your household income it can be phaseout there is no phase-out for households with an income of $30,000 or less if you have one child household income between thirty thousand and sixty-five thousand dollars triggers a phase-out of 6.8%that means every $100 of income in twistier triggers a six dollar and 80 cent reduction in benefit for income abovesixty-five thousand dollars thephase-out is 3.1 percent if you have one child that means you'll lose three dollars and ten cents per $100 of income above sixty-five thousand dollars thephase-out rates increase if you have more than one eligible child specifically if you have two children there is still no phase-out for household incomes below $30,000 but the initial phase out rate is 13% for income between thirty thousand and sixty-five thousand dollars and five point five percent for income above sixty-five thousand dollars and if you have three or more children again there is phaseout for household income below thirty thousand, but the initial phaseout rate is sixteen percent for income between 30,000 and65,000 dollars and 8% for income above$65,000 let#39’s look at some examples Roget a better idea as to what this actually means let's say you have one child who is under six that means your base benefit is six thousand four hundred dollars per year if your household income is less than thirty thousand dollars there is no phase outfox you, and you get the full six thousand four hundred dollars for the year if your household income is $50,000this puts you into the first phase outlier the first thirty thousand dollars of income has no phase-out, but you're remaining twenty thousand dollars of income triggers a phase-out of 6.8%twenty thousand dollars times six point eight percent equals one thousand three hundred and sixty dollars we take your base benefit of six thousand four hundred dollars and subtract one thousand three hundred and sixty dollars to get five thousand and forty dollar snow let's say you have three kids two kids are under six so the base benefit you get for each of them is six thousand four hundred dollars that#39’s equal to twelve thousand eight hundred dollars for the year the third child is between six and seventeen so the base benefit you get for them is five thousand four hundred dollars your total base benefits eighteen...
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