Eligible Canadian families should keep an eye on their bank accounts for the incoming child tax benefit payment.
The eighth instalment of the Canada Child Benefit (CCB) will be deposited on Wednesday, Aug. 20.
In July, the child tax payment increased, marking the beginning of the new benefit year. The federal government uses a process called indexation to up the benefit amount to help parents amid the cost-of-living crisis.
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An Employment and Social Development Canada (ESDC) spokesperson told Daily Hive in January that the indexation means the max CCB amounts and income thresholds are increased yearly to “keep pace with the rising cost of living.”
Canadian families saw a 2.7 per cent boost in child tax benefit payments this year, bringing 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) also went up from $3,322 to $3,411 in July.
This is a smaller increase compared to last year, when Ottawa raised the CCB 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.
You can check if your family is eligible for Canada’s child tax benefit by taking the government’s eligibility test.
Check out the other ways Canadians could get money from the government this month.