Thursday, March 24, 2016

Child Development Account (CDA) First Step Grant

Budget 2016 introduced the First Step Grant to the CDA where children born after March 24 will automatically receive a grant of $3,000 in their CDA without parents having to contribute anything first.

The amount will count towards the existing goverment matching caps which is $6,000 for a first or second child, $12,000 for a third or fourth child and $18,000 for any subsequent children

With this grant, parents now need to contribute $3,000 less than the cap to get full matching amount from the government.