Take out a Fairstone loan between November 17th to 30th, 2021, and you won’t have to make a loan payment until next year.
Federal and provincial governments offer various benefits, usually in the form of financial aid, to support people with housing, old age, education and training, family needs, and medical and disability needs. Many of these benefits are directed toward families with low incomes. An example of this is the Alberta Child and Family Benefit (ACFB), which financially helps low-income Albertans with the costs of raising a family.
Check out these other tax benefits and deductions for parents.
What is The Alberta Child and Family Benefit (ACFB)?
The Alberta Child and Family Benefit (ACFB) is a program that gives lower- and middle-income families with children under 18 financial assistance. The ACFB is a relatively new program that consolidates two programs into one: the Alberta Child Benefit (ACB) and the Alberta Family Employment Tax Credit (AFETC). This new consolidated program began in July 2020. The two programs were consolidated to streamline administration and maximize benefits for low-income Albertans.
Do you have a disability? Then you may qualify for the tax disability credit.
How Does The ACFB Work?
The amount of money you’re eligible for under the ACFB program depends on your family’s income level, and on how many children under 18 that you have. The program has two components:
Base component: available for low-income families with children that either have or don’t have employment income
Working component: available for families with an income over $2,760, and increases at a rate of 15% for every additional dollar earned over that amount. This is meant to encourage families to continue working.
Are You Eligible For The Alberta Child and Family Benefit (ACFB)?
Albertans wishing to apply for the ACFB must:
- Have one or more children under 18
- Reside in Alberta
- File a tax return
- Meet income criteria
Additionally, Albertans who receive support from other programs such as the Assured Income for The Severely Handicapped (AISH), Income Support, or Alberta Child Care Subsidy, are still eligible to receive the ACFB.
How Much Can You Get Through The ACFB?
For families under the base component, the benefit amount reduces if household income exceeds $24,467. For families under the working component, the benefit amount reduces once household income exceeds $41,000.
Find out which tax bracket you fall into?
Your maximum amount depends on the number of children you have, and which component of the program you fall under:
|Number of Children||Base Component Maximum Amount||Working Component Maximum Amount|
Use this child and family benefits calculator to find out how much of the benefit you qualify for.
What Happens if The CRA Reassesses your Eligibility and Qualifies You For a Lower Payment?
Your eligibility and payment qualification might change if your household scenario changes. For example, you might be eligible for a greater benefit if you have more children, or if your family moves to Alberta. You might be eligible for a reduced benefit if your family leaves Alberta.
Find out how to open a CRA My Account.
If you qualify for a greater benefit, the CRA will pay you the difference with an additional payment.
If you qualify for a smaller benefit, the CRA will send you a letter indicating your obligation to pay back any amount received over your year’s entitlement. Contact the CRA at 1-800-959-2809 for more information on how to return any owed benefit amounts.
Alberta Child and Family Benefit (ACFB) Payment Dates
The Canada Revenue Agency (CRA) pays eligible ACFB recipients on the Government of Alberta’s behalf. The CRA will either mail or directly deposit ACFB payments into recipients’ bank accounts in 4 instalments. Payments are made in August, November, February, and May. More specifically, payments in 2021 will be made on:
- February 26, 2021
- May 27, 2021
- August 27, 2021
- November 26, 2021
Additionally, recipients who are eligible for any amounts under $10 in a quarter might have payments consolidated and paid less frequently.
Are you on the Canada Pension Plan? Check out the CPP payments dates.
How do You Apply For the ACFB?
The Alberta Child and Family Benefit (ACFB) is a great resource to help lower-income Albertans manage their day-to-day family expenses. The program also offers financial incentives to start or continue working.
Rating of 5/5 based on 1 vote.
Largest Lender Network In Canada
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Build Credit With Refresh Financial
Build credit while spending money with the Refresh Financial VISA card.
Build Credit For $7/Month
With KOHO’s prepaid VISA card you can build a better credit score for just $7/month.
goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest
goPeer is Canada's first consumer peer to peer lending platform and connects creditworthy Canadians looking for a loan with everyday Canadians looking...