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Cash Advance on Child Tax Credit Explained

Loan Express | November 20, 2021

Loan express does not require credit checks, decline a loan based on a credit check, nor do credit checks affect the minimum approved amount of the loan. The following article is purely for educational purposes.

We all know that raising children can sometimes be a costly endeavour. Expenses sometimes come up without warning, and often they can be hard to predict. But, if you’re a parent and you find yourself stuck with an unexpected expense, help may be easier to find than you think. You may be eligible for a smart loan with Loan Express on your Canada Child Benefit. How does this work? Read on and see!

What is the Canada Child Benefit? (CCB)

First thing is first. The Canada Child Benefit is a tax-free monthly payment for eligible families with children under eighteen. Payment amounts are based on several factors, including whether custody of the child is shared, the adjusted family income, and related territorial or provincial benefits, which may be paid separately with the Child Tax Benefit. 

Who is a Candidate for Child Tax Credit Eligibility? 

To fulfill the Canada Child Benefit eligibility rules, you must meet specific criteria. You must live with a child under eighteen years old AND be primarily responsible for the care and upbringing of the child. You also need to be a Canadian resident for tax purposes, although you do not have to be a citizen. Being a permanent resident, a protected person, an Indigenous person, or a temporary resident who’s lived in Canada for the previous eighteen months and had a valid permit for the nineteen months is enough. The most important thing is that you are the primary person responsible for the child who, again, is under eighteen years of age. 

How Can Loan Express Help You to Do More with Your Child Tax Credit Loan?

Have Your Surprise Expenses Covered

You may be feeling overwhelmed with life’s demands, but that doesn’t mean your financial situation has to suffer. You deserve the peace of mind and the assurance that you will always have enough money for what matters most in this world: family! Our smart loans can free you from worrying about those surprise expenses that more often or not pop up when you have a child. 

More Childcare & Dental Care Fund

Childcare is expensive, and there are many costs that all parents know too well, especially those dental treatments that can become incredibly pricey. Every parent knows the feeling of an unexpected expense that depletes their wallet! But there’s help! Our smart loans can give you up to $1,500 at any time, day or night to take care of these kinds of expenses that pop up every day in your life as a family caregiver. 

Having Sufficient Holiday Gift Expenses for Your Kids

Holidays are a time for spending time with family, delicious meals and of course presents! Sometimes securing funds for these expenses can feel daunting, especially if you have a larger family to shop for. With Loan Express, we have fast and convenient methods to get a cash advance: The loan may be delivered through direct deposit or email money transfer. For your first loan, you are eligible for an Interac Etransfer within 5 minutes!

Have Money for Your Car and House 

Thanks to Loan Express, you don’t have to worry about not making a surprise payment for a car or home expense. Life happens, and Loan Express is here to alleviate the stress of finding immediate funds when life throws you a curveball. Apply for the child tax credit loan and get back on track with a quick, easy approval process online! 

When is the Canada Child Benefit Payment day?

According to the government website, the payment dates for the Canada Child Benefit are as follows in 2021:

  • January 20, 2021
  • February 19, 2021
  • March 19, 2021
  • April 20, 2021
  • May 20, 2021
  • June 18, 2021
  • July 20, 2021
  • August 20, 2021
  • September 20, 2021
  • October 20, 2021
  • November 19, 2021
  • December 13, 2021

How to calculate your payment

The payments are calculated using a specific formula. First, the number of children in your care is taken into consideration, as is the age of each child. Your marital status is also a consideration, as is your adjusted family net income. Note – the adjusted family net income is not the same as your actual net income. The adjusted income considers several benefits, which are subtracted from your net income, such as the universal child care benefit (UCCB). Benefits start decreasing when your adjusted family net income is over $32,028. If your adjusted family net income is under this amount, the benefits you can receive are listed by the government as follows: 

  • For every child under six years of age: $6,833 per year ($569.41 per month)
  • For every child six to seventeen years of age: $5,765 per year ($480.41 per month)

How to Apply for the Canada Child Benefit?

Applying for the Canada Child Benefit is easy. It can be done through the CRA’s “My Account” portal. Simply log into your account, choose “Apply for child benefits,” confirm all necessary info, submit your application, and you’re on your way. However, it would be best if you were careful about when you apply. The times to do so are as follows:

  • Your child is born
  • Your child comes to live with you
  • You enter into a shared custody arrangement 
  • You get custody of the child
  • You start to meet any other eligibility requirements

What are the CCB benefits?

The Canada Child Tax Benefits are a terrific way to help with child-raising expenses. However, they can also be used to secure a smart loan of up to $1500 with Loan Express. How is this possible? Well, it turns out that your Canada Child Benefits are considered guaranteed income throughout the year. Thus, they are a qualified source of short-term loans. Such a loan can often come in handy if an emergency comes up. Maybe you have a sudden emergency car repair? Or perhaps you have a pricey dentist visit coming up? In a pinch, a cash advance on child tax credit can really help out. 

Child Tax Payment Amount by Province

The amount of your Canada Child Benefit varies, but here’s something to keep in mind. Each province offers additional benefits to complement the Federal component. For example, you can receive up to $2472 per child with reduced amounts for multiple children in Quebec via the Family Allowance Plan

The Ontario Child Benefit allows up to $1403 per child. In Alberta, the amount maxes out at $2064 per year. Other provinces may offer less, but that’s in addition to your Canada Child Benefit, which hovers around $1000 per two-child household. If you want to know exactly how much you can get from the federal Canada Child Benefit, you can use their online Canada Child Benefit Calculator

Eligibility for applying for Child Tax Credit loan

Loan Express is committed to helping all of our customers, regardless if they have good or bad credit. That’s why we never ask for a customer’s past history when applying for a smart loan available at Loan Express.

Our e-transfer smart loans are available in Canada 24/7, 365 days a year, with your Canada Child Benefit as a guaranteed income. So if you need an extra amount of cash this week or month, help is just a click away. You have more options than you think!