child benefits amount

Hi, I would like to know how much child benefits we will get for our 2 children for 2017. I filled the 2016 tax so i can see whether it is good idea to put some money in RRSP to reduce net-income and get more child benefits ( my tax bracket is closed to 36% and we got very little from child benefits last year). Where do i see this amount in Turbo tax software? Is there any section where it calculate the eligible amount for us in turbo tax software?

Answer

Once you get to the end of the process and complete the return Turbo Tax generates the estimated amount of benefits.

CRA has calculators available on their website which provide an estimate where you can revise income amounts. 

http://www.cra-arc.gc.ca/benefits-calculator/

Generally speaking, by the sound of your tax bracket you would be out of the range of eligibility as this benefit is provided for households with lower net income.

From CRA:
Basic benefit for July 2016 to June 2017

We calculate the Canada child benefit (CCB) as follows:

  • $6,400 per year ($533.33 per month) for each eligible child under the age of six
  • $5,400 per year ($450.00 per month) for each eligible child aged 6 to 17

We start to reduce the amount of CCB you get when your adjusted family net income (AFNI) is over $30,000. The reduction is calculated as follows:

  • families with one eligible child: the reduction is 7% of the amount of AFNI between $30,000 and $65,000, plus 3.2% of the amount of AFNI over $65,000

  • families with two eligible children: the reduction is 13.5% of the amount of AFNI between $30,000 and $65,000, plus 5.7% of the amount of AFNI over $65,000

  • families with three eligible children: the reduction is 19% of the amount of AFNI between $30,000 and $65,000, plus 8% of the amount of AFNI over $65,000

  • families with four or more eligible children: the reduction is 23% of the amount of AFNI between $30,000 and $65,000, plus 9.5% of the amount of AFNI over $65,000



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