Payday Loans that Accept Child Tax Benefits

Posted on Monday 27 July 2020

We can all agree that having children is nothing less than fulfilling and rewarding—but adding to your family often means adding to your financial stress. Let’s face it: kids are expensive.

In fact, for Canadian parents, the average lifetime cost of raising a child has been estimated to cost more than $255,000. Divided over 18 years, parents can expect to spend more than $14,000 on related costs for just one child. Add one or two children into the mix, and your monthly finances could start getting stretched thinner and thinner!

One great financial resource for parents is a payday loan. These short-term loans are fast, easy to apply for, and can cover a variety of different last-minute expenses, such as home repairs, car repairs, utility bills, or even a few spur-of-the-moment shopping or grocery trips.

Even though payday loans are typically much easier to qualify for than a traditional loan, you’ll still need to show proof of income in order to be eligible. But what about child tax benefits? Can you count the money that you get through the CCB as part of your income?


The good news is that yes, you can use the CCB as supplemental income when applying for a payday loan—but finding payday loans that accept child tax benefits isn’t always easy. No two payday lenders are alike, with each lender providing varying rates, fees, and loan terms. And unless they are transparently advertising their ability to accept child tax benefits, you might have to do some digging to find the right lender.

Whether you’re getting ready to start a family and want to learn more about the child tax benefit, or you’re already receiving the CCB and need more information about how to use that income toward a payday loan, you’ve come to the right place. In the sections below, we’ll give an overview of the CCB and show you exactly where you can find payday loans that accept child tax benefits.

What is the Child Tax Benefit?

First, let’s talk about the child tax benefit. The Canada child benefit (CCB) is a government-sponsored assistance program that helps provide financial assistance to parents throughout the country. Although it’s typically called the “child tax benefit,” the CCB actually gives support throughout the entire year—not just during tax season.

The CCB will give financial assistance to parents from the time a child is born until they turn 18. More importantly, how much money do you get with child tax benefits? That depends on a few specific factors, like:

  • How many children you have at home
  • How old they are
  • Your marital status
  • Your annual income

Currently, the maximum payments for the CCB are $563.75 per month for children under six years of age ($6,765 per year) and $475.66 for children between six and 17 ($5,708). The actual amount that you receive per month will depend on how many children you have, any applicable custody arrangements, and your adjusted family net income (AFNI).

Payday Loans and Child Tax Benefits

So how do payday loans fit into the equation? As mentioned previously, payday loans require proof of regular income. That means that you’ll need to either show proof of direct deposits from an employer, or to submit an example of a paycheque. Your income will help determine how much you can get with your payday loan.

But there are other income streams that should be considered, not just your 9 to 5 paycheque. If you’re worried about whether your income will give you the loan that you need, using a payday lender that also accepts child tax benefits can go a long way!

Payday lenders like My Canada Payday will also consider child tax benefits (money that you receive from the CCB) as part of your income. This means you could be eligible for a larger payday loan, giving a little bit of extra breathing room for the larger last-minute expense that could pop up throughout the month.

And if you’ve ever had a tire pop in the middle of running errands, or dealt with spoiled groceries in a broken fridge, you know all too well the stress of managing household finances when the unexpected happens! This is exactly where payday loans can help—especially payday loans that take child tax benefits into account.

Advantages of Payday Loans

Aside from being able to include child tax benefits as income, there are a few other notable advantages to choosing a payday loan instead of a traditional loan from a bank or credit union. For example, payday loans let you:

Apply completely online

Finding time to get a loan is often half the battle—especially when you have young children at home. Instead of waiting in line at a bank and sitting down with a loan officer, online payday lenders let you complete the entire process from the comfort of your own home.

You can fill out an application while the kids are doing their homework, out on a playdate, or once they are in bed for the night. As long as you have a steady internet connection and 15–30 minutes of free time, you can complete the entire process online.

Avoid long wait times

Most financial institutions take up to two weeks to determine whether or not you can get a loan—and in some cases, you may be waiting even longer. If you have an emergency expense that needs to be covered, you don’t always have the luxury of waiting for the bank! This is where payday loans really shine: for example, at My Canada Payday, you can get approval via email on the same day that you apply.

And you won’t have to wait for your funds to be available, either. Once your application is approved and your loan terms have been signed, your funds get dispersed by Interac wire transfer. Depending on your bank (and whether you’ve borrowed with My Canada Payday previously), you could see your funds anywhere between one business day to a matter of minutes!

Access helpful, friendly customer service

You’re bound to have questions throughout the application and borrowing process—and when those questions come up, being able to access a team of lending professionals can make your experience as seamless as possible. Not only does My Canada Payday boast industry-leading customer service and consistent 5-star reviews, but as a 100 percent Canadian-owned and operated business, you’ll never be rerouted to an overseas department.

The ability to apply child tax benefits as income on payday loan applications is a great way for parents to ensure that their household finances are as healthy as possible from one month to the next. Before choosing a payday lender, make sure you know their policies and whether or not your CCB funds can be used as supplemental income—it could make all the difference in the loan amount that you receive.

And for parents who need access to funds quickly, My Canada Payday is here to help! See why My Canada Payday is one of the best payday lenders by calling (604-630-4783) or emailing ( our customer support team.