Check your bank account: Canada Child Benefit payments for March are going out today
Eligible parents nationwide can expect Canada Child Benefit (CCB) payments to hit their accounts on Wednesday, March 20.
The maximum annual benefit per kid under six is $7,437, and the maximum yearly amount per child aged six through 17 is $6,275. But that’s because we’re still in the same benefit year we were in for the latter half of 2023.
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.
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“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).”
We asked the ESDC about the percentage increases Canadian parents can anticipate. The department told us the child tax will go up by 4.7%, meaning you’ll see a $350 rise in the maximum annual benefit for a kid under six — a total of $7,787.
Every month, this would be about $650 per child under six.
The amount is tax-free, too.
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