Canada Child Benefit has gone up and you could get nearly $7,500 per kid, tax free
Good news, Canadian parents – the Canada Child Benefit (CCB) has increased, and you can now get a bigger maximum per child than you could during the last benefit year.
In July last year, Employment and Social Development Canada (ESDC) increased the maximum annual CCB amount to help families cope with the rising costs of living.
“For the 2022–23 benefit year, families most in need can receive up to $6,997 per child under the age of six and $5,903 per child aged six through 17,” government officials had said.
The benefit year always begins on July 1 and ends on June 30 of the following year. Since 2018, the government has indexed Canada Child Benefit amounts to support parents better 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 ESDC spokesperson explained in an email to Daily Hive. “Both the maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
The 2023-2024 benefit year’s first CCB payments are scheduled for July 20, so we asked ESDC what Canadian parents can expect.
The federal department told us that the maximum annual benefit per kid under six has increased by $440, going from $6,997 to $7,437. The amount per child aged six through 17 also increased from $5,903 to $6,275 — an extra $372 a year.
This amount will be tax-free, too.
“This represents a 6.3% increase since the last benefit year (2022-23),” the ESDC noted. “Families with less than $34,863 in adjusted family net income receive the maximum benefit.”
Take the criteria test here to determine if your family is eligible for the updated CCB.
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