Good news, Canadian parents: the Canada Child Benefit (CCB) has increased, and you can now get a bigger maximum child tax payment than you could during the last benefit year.
The benefit year always begins on July 1 and ends on June 30 of the following year.
Since 2018, the government has indexed CCB amounts to better support parents as the cost of living changes.
“This indexation means that the maximum benefit amounts and income thresholds at which benefits begin to be reduced are increased annually to keep pace with the rising cost of living, giving parents more support each month to help them provide for their children,” an Employment and Social Development Canada (ESDC) spokesperson explained in an email statement.
“Both the maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
Last year, the government increased the maximum annual child tax payment per kid under the age of six to $7,437.
The amount per child aged six through 17 also increased from $5,903 to $6,275 — an extra $372 a year.
Parents can expect even more in July 2024.
The ESDC explained that it plans to increase the child tax payment by 4.7 per cent. This means the maximum benefit for a child under six will go up by $350, from $7,437 to $7,787.
This amount is tax-free, too.
Take the criteria test here to determine if your family is eligible for the updated CCB.
If you’re eligible, here are the dates you can expect to receive the child tax payment in 2024.
Source: blogto