Last Canada Child Benefit payments before annual increase going out today
Eligible parents nationwide can expect Canada Child Benefit (CCB) payments to hit their accounts on Thursday, June 20.
This is the last time the maximum annual benefit per child under six is $7,437, and the maximum yearly amount per child aged six through 17 is $6,275. Your CCB payments will be a little bigger starting next month.
July 1 always rings in a new year for Canada’s benefit programs. This is when maximum benefit amounts are adjusted via a process called indexation.
Since 2018, the Government of Canada has indexed child benefit amounts to support parents as the cost of living changes in a better way.
“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 to Daily Hive.
“The maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
The maximum benefit for a child under six will increase by $350, from $7,437 to $7,787. For kids aged six to 17, it’ll increase by $295, from $6,275 to $6,570.
Every month, this would be around $650 per child under six and $550 per child aged six to 17.
The amount is tax-free, too.
Remember to check your bank account and be sure direct deposit is enabled on your My CRA account for a swifter payment experience. Check out this post for the full payment date schedule for 2024.
Or take the criteria testĀ hereĀ 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 paymentĀ in 2024.
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