Canadian families to get last child tax payment before benefit increase
Families who are eligible for Canada’s child tax benefit can expect the next payment in their bank account soon.
The Canada Child Benefit (CCB) will be sent out on June 20. This month’s payment will be the last one before the amount increases in July, which is the beginning of the new benefit year.
Last July, the federal government raised the child tax benefit by 4.7 per cent. The maximum payment for kids under six increased by $350, from $7,437 to $7,787. For children aged six to 17, it increased by $295, from $6,275 to $6,570.
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Since 2018, Ottawa has used a process called indexation to up the benefit amounts to help parents amid the rising cost of living.
An Employment and Social Development Canada (ESDC) spokesperson told Daily Hive in January that the indexation means the max child tax benefit amounts and income thresholds are increased yearly to “keep pace with the rising cost of living.”
While the CCB increase was over four per cent last year, it won’t be as sizeable this year.
The Canada Revenue Agency (CRA) says families will get a 2.7 per cent boost in child tax payments this July. That will bring the annual base benefit for children under six from $7,787 to $7,997 ($666 monthly) and from $6,570 to $6,748 ($562 monthly) for children aged six to 17 until June 2026.
The Child Disability Benefit (CDB) will also go up from $3,322 to $3,411 in July.
If you still haven’t filed your taxes, make sure to do so because you won’t receive the payment until your 2024 tax return is assessed.
You can check if your family is eligible for Canada’s child tax benefit by taking the government’s eligibility test.
Check out are other ways Canadians could get money from the government this month.