# Money Planning for Young Families in Canada: CCB and RESP > A money plan for Canadian parents: Canada Child Benefit amounts, RESP grants worth up to $7,200 per child, childcare costs and a family budget that holds. Source: https://trykosh.com/for/young-families Kosh for young families # A money plan for young families in Canada Kids bring new costs, new benefits and new accounts all at once. Kosh reads your family's statements, shows what you're entitled to and puts the RESP, childcare and household budget into one plan. ## What gets in the way ### Benefits depend on your return The Canada Child Benefit is based on last year's family net income. Late or missing returns mean late or missing payments. ### Free RESP money left on the table The government adds 20% to RESP contributions, up to $500 a year per child. Skip a year and you can only catch up so fast. ### Childcare and parental leave A lower income during leave and a big new childcare bill can squeeze the budget for years. ### Two incomes, one picture Partners often each see half the money. Nobody sees the household total. ## What Kosh does about it ### Estimates your benefits Kosh estimates your Canada Child Benefit from your family income and children's ages, and reminds you that both parents need to file. ### Plans the RESP A contribution schedule that collects the full grant each year and catches up on missed years. ### Maps the household budget Upload both partners' statements and see one family budget, including childcare and kid costs. ### Finds tax you can save The childcare expense deduction, the RRSP deduction for the higher earner, and credits you might be missing. ### Plans parental leave A month-by-month cash plan for the lower-income months. ## Free tools for young families [Free tool**Emergency fund calculator**Add up your essential monthly costs, choose how many months to cover, and see your target, the gap and how long it'll take to close it.](/tools/emergency-fund-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator)[Free tool**RRSP tax refund calculator**Find out how much tax an RRSP contribution saves you this year, and what it really costs once the refund comes back.](/tools/rrsp-calculator) ## A CFO for young families. Upload a statement and Kosh maps your money, estimates your federal and provincial tax and tells you the one thing to fix first. Free to start. [Start free](/signup?via=for-young-families) ## How much is the Canada Child Benefit for 2026-27? For July 2026 to June 2027, the CCB pays up to **$8,157 a year** for each child under 6 and **$6,883** for each child aged 6 to 17. Payments start to shrink once adjusted family net income passes $38,237, and shrink faster above $82,847. Because it's based on your 2025 returns, both parents should file every year, even with no income. Families can also receive the Canada Groceries and Essentials Benefit, which replaced the GST/HST credit in July 2026: up to $890 for a couple plus $234 per child under 19 for July 2026 to June 2027, on a lower income scale. ## RESP grants: free money for school - **Canada Education Savings Grant:** 20% on contributions, up to $500 a year per child ($1,000 when catching up on unused room), to a lifetime maximum of $7,200. - **Additional grant:** for 2026, an extra 20% on the first $500 of contributions if adjusted family net income is $58,523 or less, or an extra 10% for incomes up to $117,045. - **Canada Learning Bond:** for children in low-income families, $500 in the first year and $100 a year after, up to $2,000, with no contribution needed. - **Limit:** $50,000 of contributions per child over their lifetime, with no annual limit. Contributing $2,500 a year per child collects the full basic grant. See [RESP and the CESG](/learn/resp-and-cesg). ## Tax moves for parents Eligible childcare costs are generally deducted by the spouse with the lower net income. RRSP contributions are usually worth more to the higher earner, because they save tax at a higher marginal rate. See [deductions and credits most Canadians miss](/learn/tax-deductions-and-credits-canada). [Free tool**Emergency fund calculator**Add up your essential monthly costs, choose how many months to cover, and see your target, the gap and how long it'll take to close it.](/tools/emergency-fund-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator) ## Frequently asked questions How much is the Canada Child Benefit in 2026? For July 2026 to June 2027, the maximum is $8,157 a year for each child under 6 and $6,883 for each child aged 6 to 17. The amount falls once adjusted family net income is above $38,237, based on your 2025 returns. How much should I put in an RESP each year? $2,500 a year per child earns the full basic Canada Education Savings Grant of $500. If you missed years, you can collect up to $1,000 of grant a year while catching up, to a lifetime maximum of $7,200 per child. Do both parents need to file a tax return to get the CCB? Yes. The CRA uses both spouses' or common-law partners' returns to calculate adjusted family net income, so both need to file each year, even if one had no income. Who claims childcare expenses? Generally the spouse or common-law partner with the lower net income claims the childcare expense deduction. There are exceptions, for example when that person was in school or unable to care for the children; the CRA's line 21400 guidance explains them. Can Kosh open an RESP for my child? No. Kosh doesn't hold money or open accounts. It shows how much to contribute to collect every grant dollar and reminds you before year end; you open the RESP with a provider you choose. ## Sources - [CRA: How we calculate your CCB](https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-we-calculate-your-ccb.html) - [CRA: Canada Groceries and Essentials Benefit](https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-groceries-essentials-benefit.html) - [CRA: Canada Education Savings Grant](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-education-savings-grant-cesg.html) - [CRA: Canada Learning Bond](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-learning-bond.html) - [CRA: RESP contributions](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/resp-contributions.html) - [CRA: Line 21400 Child care expenses](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21400-child-care-expenses.html) General information for planning, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk.