Check your bank account: September child tax payments dropping this week
With the new benefit year beginning in July, the Canada Child Benefit (CCB) has increased, giving Canadians a small but much-needed child tax boost to support their kids.
The benefit year always begins on July 1 and ends on June 30 of the following year.
The payment typically goes out on the 20th day of the month, and if you’re eligible, the third instalment of the benefit year should hit your account this Friday.
How much child tax you’ll get
Since 2018, the government has indexed CCB amounts better to 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.
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“Both the maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
Last year, the government increased the maximum annual Canada Child Benefit payment per kid under six to $7,437.
The amount per child aged six through 17 also increased from $5,903 to $6,275 — an extra $372 a year.
Child tax payments have now increased by 4.7%. This means the maximum benefit for a child under six has increased by $350, from $7,437 to $7,787. For kids aged six to 17, it’s increased by $295, from $6,275 to $6,570.
This amount is tax-free, too.
Take the criteria test here 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 payment in 2024.
Do you think a 4.7% bump is sufficient for Canadian parents amid a cost-of-living crisis? Share your thoughts in the comments or email us at [email protected].