Payday Loans that Accept Child Tax Benefits

Posted on Monday 27 July 2020

We can all agree that having children is highly fulfilling and rewarding. But let’s face it; kids are expensive. Adding to your family often means adding to your financial stress.

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 get stretched way too thin.

One great financial resource for parents is a payday loan. These short-term loans are fast, easy to apply for, and can cover various last-minute expenses, such as home repairs, car repairs, utility bills, or even shopping or grocery trips. It can take time to build your emergency fund, so you will need a ready alternative.

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


The good news is yes; you can use the CCB as supplemental income when applying for a payday loan. However, finding payday loans that accept child tax benefits or child tax loans isn’t always easy. No two payday lenders are alike, and each lender provides varying rates, fees, and loan terms. And unless they are transparently advertising that they accept child tax benefits, you may have to dig around 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 it to get a payday loan, we have the answers.

Below is an overview of the CCB and pointers on finding payday loans that accept child tax benefits.

What Is The Child Tax Benefit?

The Canada child benefit (CCB) is a government-sponsored assistance program that provides financial assistance to parents. Although it’s called the child tax benefit, the CCB actually gives support throughout the entire year, not just during the tax season.

The CCB gives financial assistance to parents from the time a child is born until they turn 18. How much money you get with child tax benefits depends on a few factors. Some are:

  • How many children you have
  • 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 seventeen ($5,708).

The amount you receive per month depends on your circumstances. This can be the number of children you have, applicable custody arrangements, and your adjusted family net income (AFNI).

Payday Loans and Child Tax Benefits

If you’ve ever had a tire pop in the middle of running errands or dealt with groceries rotting because of a broken fridge, you know all too well the stress of managing household finances when the unexpected happens. And if your budget isn't working, it's great to be able to get a cash boost to balance things out.

So how do payday loans fit here? As mentioned above, payday loans require proof of regular income. This means you’ll need to either show proof of direct deposits from an employer or submit an example of a paycheck. Your income will help determine how much you can get with your payday loan. It allows you to financially support yourself for a while.

But other income streams can be considered, not just your 9 to 5 paycheck. If you’re worried about whether your actual income can get you the loan you need, opting for a payday lender that accepts child tax benefits can go a long way.

Payday lenders like My Canada Payday consider child tax benefits as part of your income. This means you can be eligible for a larger payday loan and can handle any last-minute expenses that pop up throughout the month. You can also access these loans from various locations.

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 over 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 a struggle on its own. This is especially hard 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 home.

You can fill out an application while the kids are doing their homework, out on a playdate, or 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 Waiting Periods

Most financial institutions take up to two weeks to determine whether or not you can get a loan. In some cases, you may even have to wait longer. If you have an emergency expense that needs to be sorted, you don’t have the luxury of waiting to hear back from 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.

Also, you won’t have to wait for your funds to be available. 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 are a returning borrower, you could see your funds anywhere between one business day to a matter of minutes.

Get Helpful, Friendly Customer Service

You’re bound to have questions during the application and borrowing process. When these questions come up, being able to access a team of lending professionals can greatly ease your experience. My Canada Payday boasts of industry-leading customer service and consistent 5-star reviews. We are also a 100 percent Canadian-owned and operated business, so you’ll never be rerouted to an overseas department.


Using child tax benefits as income on payday loan applications helps parents 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. CCBs can make all the difference in the loan amount you can access.

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) our customer support team or emailing (