As of January 1st 2015, the UCCB has increased by $60/month to $160.
What does this mean to you?
Beginning July 20th, if you have a child between the ages of:
0-5 years old, you will receive $160/month
6-17 years old, you will receive $60/month
In the month of July 2015, you will receive a lump-sum retroactive payment of up to $360 ($60 x 6 months) for the first 6 months of the year.
Details on the changes to the UCCB can be found here.
Putting the increased benefit to work for your child
Consider allocating the UCCB amounts into a Registered Education Savings Plan (RESP) for your child. By allocating the funds, you will be saving $1,920/year! With an RESP, you’re eligible to receive the Canada Education Saving Grant (CESG), which matches 20% of annual contributions up to a maximum Grant of $500/year ($7,200 lifetime maximum).
By allocating the $160/month UCCB into an RESP, you not only save $1,920/year but will receive an additional $384/year in Grant. That’s $2,304/year saved towards your child’s post-secondary education!!!