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The CCB, or Canada Child Benefit, is a valuable government program that provides tax-free payments to families to help with expenses for raising children under age 18. This program provides substantial income assistance for parents and is calculated based on individual income tax. It is calculated and scaled every year.
Many people in Canada don’t realize they can take cash advance on child tax credit, also known as baby bonus payday loans, but they can!
Since these benefits are guaranteed and consistent for an entire year, they are considered an income source and can therefore be used to meet income requirements when Canadians apply for loans that accept child tax.
Canadians can leverage the benefit of the child tax credit to get a cash loan to help access even more credit or capital to help with the expensive task of raising children.
The federal baby bonus amounts vary based on your adjusted household income, number of children, their ages, and any additional qualifying factors. Provincial benefits may rely on these and other factors. The net result is that parents can receive monthly benefits of several hundred dollars per child. For an average family with 2 children, $1,000 or more in monthly child tax benefits is entirely possible from the federal program alone.
The Canadian government has an child tax credit calculator that can provide families with an approximate figure for their potential benefit, which is a good place to start. As shorthand, though, the top benefits are around $540 per month per child under 6, and $455 per month per child 6-17, which is then reduced downward based on income and other factors.
Even if parents are suffering from underemployment or reduced work hours, the child tax benefits and other government social assistance programs mean that you can still qualify for access to a fast loan online.
iCASH is one of the top firms that offer online loans that accept the child tax benefits toward the total monthly income requirement for eligibility. Customers can apply for a child tax loan of up to $1,500.
The entire process, from the start of the application to funds being available, can take less than an hour in most cases. And there are no collateral requirements, and no limits on how you use your funds from a child tax loans in Canada.
The table below demonstrates how the federal and providential benefits comes into play when Canadians apply for baby bonus payday loans.
For your convenience, we’ve also included a quick-reference table below of the provincial programs that are available to augment the federal child tax benefit.
The Government of Canada also provides a Canada child benefit (CCB) schedule of benefit payment dates.
The amounts for each of these programs, along with eligibility may vary, so it’s best to do your research and use the government-provided calculators when available.
| Province | Program | Payment Amount Notes |
|---|---|---|
| Alberta | Alberta Family Employment Tax Credit (AFTC) | Up to $2,064 per year. |
| Alberta Child Benefit (AFC) | Up to $1,128 per year for first child and $564 for each additional child. | |
| British Columbia | BC Early Childhood Tax Benefit (BCECT) | Up to $660 per year per child. |
| Manitoba | Manitoba Child Benefit | Up to $420 per year per child. |
| New Brunswick | NB Child Tax Benefit (NBCTB) | Up to $250 per year per child. A $100 per year supplement for low-income families for school supplies. |
| Newfoundland | Newfoundland and Labrador Child Benefit (NLCB) | Up to $398 per year per child up to 3 children, or $486 per year per child for 4 or more children. |
| Mother Baby Nutrition Supplement (MBNS) | $60 per month for low-income families with children under 1-year old. | |
| Northwest Territories | Northwest Territories Child Benefit (NTCB) | Up to $815 per year for children under 6, scaled up to $2,445 per year for four children, plus $367 for each additional child. Up to $652 per year for children 6-17, scaled up to $1,956 per year for four children, plus $293 for each additional child. |
| Nova Scotia | Nova Scotia Child Benefit (NSCB) | Up to $625-900 per year per child depending on number of children. |
| Nunavut | Nunavut Child Benefit (NUCB) | $330 per child per year. A territorial workers’ supplement also pays $275 per year to families with one child, and $350 to families with two or more children. |
| Ontario | Ontario Child Benefit (OCB) | Up to $1,403 per year per child. |
| Prince Edward Island | PE Island Sales Tax Credit | Up to $55 per eligible dependent per year. |
| Quebec | Family Allowance (formerly Child Assistance) | Up to $2,472 per year per child, with reduced amounts for additional children. A bonus of up to $867 per year is available for single-parent families. There are also supplements available for disabled/handicapped children (up to $11,736) and for school supply needs (up to $102). |
| Saskatchewan | Saskatchewan Low Income Tax Credit (SLITC) | Includes benefit of up to $136 per child for up to 2 children, up to the family max credit of $964 per year. |
| Yukon | Yukon Child Benefit (YCB) | Up to $820 per year per child. |
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How to apply for loans that accept child tax?
Apply for a cash advance on child tax credit
Select your desired loan amount. Fill out the payday advance application entirely online, or via the iCASH App including the requested personal and income information.
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Your application is then reviewed by our software, which analyzes the application and performs a credit history check. All of this happens at lightning speed, so you’ll receive an approval decision near-instantly.
Sign Your child tax loan agreement
Sign your loan agreement and return it through the site. Funds are released 24/7 via e-transfers in as little as 5 minutes as soon as we receive your signed agreement!
Maximum repayment period 62 days. APR is 109.50%. For a $300 loan of 14 days, the total payback amount is $345. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.
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Top Uses for a cash advance on child tax credit canada
Paying for the Unexpected
With baby bonus payday loans, you can get extra funds when you need it most. No matter what pops up in your daily life – whether it’s a bill or a purchase you have to make, a repair or an upgrade, a product or service – there are no limits to how you use the funds from your CCB loan.
Even if your income is lower than usual due to economic uncertainties, you can borrow money and still gain access to the capital you need to handle the unexpected things that life throws at you.
Affording Childcare and Health / Dental Expenses
Childcare and health and dental expenses for children can really add up, and often end up costing you well more than you originally budgeted or planned. Maybe little Tommy needs some cavities filled? Or Sally needs a babysitter for 2 hours a day during the week after school?
It can be hard to find the money if you’re already stretched pretty thin financially. But with a cash advance on child tax credit from iCASH, you can instantly access up to $1,500 to cover those expenses.
iCASH is open 24 / 7 and we can provide a short-term loan on the weekend when most other “traditional” lenders are closed.
School and Education Costs
Education and schooling are other major costs when you have children – and we don’t just mean university-age children. All the little costs of even the early years of school add up – crayons, markers, paper, backpacks, pencils, scissors, glue – the lists go on and on.
Back to school spending can put a strain on your budget. But with online loans for child tax, you can help to make ends meet and pay it off from your next child tax or other social assistance benefit deposits.
Expanding Families Need Expanding Homes
New and additional appliances, furniture, and even expanded or new rooms or renovations on homes are all part and parcel of having children, especially as they grow. Kids eventually can really benefit from having their own rooms as they get older. If you and your family are facing large expenses, don’t panic! Leverage your child tax benefit to get a baby bonus payday loan. We can help you with your renovation project or to buy the furniture and household items that you need for your expanding family.
Don’t Forget to Relax and Take a Vacation
Amidst all the hustle and bustle of parenting and work, family and life, we can often forget to stop and take time to relax and enjoy ourselves. Don’t forget to take a break, relax, and take a vacation with the family (or maybe just your spouse) sometime to keep life in perspective. Find it hard to save up enough money to pay for it? Not to worry – with iCASH can get you the funds you need in as little as 1 hour, with no collateral required.
Even if you have bad credit history – so long as you are receiving a child tax benefit and income that exceeds $800 or more per month in total, you meet the income requirement and are eligible for loans using child tax credit.
- Eligibility requirements for child tax cash loans
- For baby bonus payday loans or a cash advance on child tax credit, Choose iCASH
- How does the child tax benefit help me qualify for a cash advance?
- What other kinds of social assistance benefits or provincial child tax benefits qualify?
- Is my information safe and secure with iCASH?
Eligibility requirements for child tax cash loans
There are actually very few simple requirements to be eligible to apply for a cash loan that accept child tax.
There are no minimum credit score requirements, and while a credit check is part of the approval process, we never reject customers solely based on their bad credit history. In fact, iCASH is a leading bad credit loans direct lender in Canada.
In order to be eligible for a baby bonus loan from iCASH, customers simply need to meet the following requirements:
- You must be at least 19 years old.
- You must be a Canadian citizen, living in Alberta, British Columbia, New Brunswick, and Ontario.
- You must have been receiving the same source or mix of incomes for the past 3 months.
- You must have a minimum combined net monthly income of at least $800. This is the cumulative total required from all wages, tips, federal child tax benefits, federal and provincial social assistance programs, pensions, and so on.
- You need to have a Canadian bank account that has been open for at least 3 months, with access to online banking.
- You must have a valid mobile phone, email address, and home address.
For baby bonus payday loans or a cash advance on child tax credit, Choose iCASH
There are numerous reasons why iCASH has become the lender of choice for Canadian citizens in need of fast loan online. Some of those reasons include:
- 100% digital process means that everything is easily done online.
- Applications can be completed in 10 minutes or less.
- Your approval decision is available almost instantaneously.
- iCASH accepts many different social benefits payments, including child tax benefits, as part of the required monthly income total for loan eligibility.
- Interest rates are clearly spelled out during the loan application process.
- There are no hidden or surprise fees.
- Repayment of your CCB and baby bonus payday loans is easy and processed automatic.
- Funding is fast, with e-transfers available in as little as 5 minutes following receipt of your signed loan agreement.
How does the child tax benefit help me qualify for a cash advance?
Child tax benefit payments helps Canadians qualify for cash advances. So long as you have been receiving the payments for at least 3 months, they can be included as part of your monthly income towards the $800 minimum monthly income requirement. You simply need to list it and provide details of the baby bonus benefit amount as part of the “Employment Details” section within the loan application.
What other kinds of social assistance benefits or provincial child tax benefits qualify?
There are numerous social assistance benefits and non-traditional “wage”-type income that can be used to meet the monthly income requirement for loan eligibility at iCASH. We highlight several throughout our site, including Canadian Pension Loans, along with the child tax benefits, CCB and family credit benefits from the federal and provincial governments we’ve discussed here along with others. Just include the details of your benefits income as part of the “Employment Details” section of the online application.
Is my information safe and secure with iCASH?
iCASH is a leading online direct lender. As such, we’ve made great efforts and spared no expense to create as safe and secure a system as possible. We utilize advanced encryption technology to protect all of the transactions on our site – encryption that is leaps and bounds more secure than the traditional kinds used for credit card processing and other online purchases. We also have strict internal controls on data access, protection, and integrity and we employ industry best practices for managing your data privacy. We will never sell your data to a third party.
