Child Benefit payments being issued to Canadian parents today
Canadian parents can expect child benefit payments to hit their accounts on Friday, August 18.
Usually, Canada Child Benefit (CCB) payments arrive on the 20th of each month, but since the 20th falls on a weekend this August, parents will get the payments early.
July rang in the new benefit year in the country, which marked the start of bigger CCB maximums per child than the last benefit year.
Since 2018, the government has indexed Canada Child Benefit 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 to Daily Hive.
“Both the maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
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 means that for the second time this benefit year, eligible parents will get up to $620 per child under six and up to $513 per child for children aged between six and 17 years. The first payment dropped on July 20.
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.”
Don’t forget to check your bank account, and make sure direct deposit is enabled on your My CRA account for a swifter payment experience.
Or take the criteria test here to determine if your family is eligible for the updated CCB.
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