The Canada Child Benefit (CBB) has been increased again for the 2020 to 2021 benefit year.
The increase was announced by the Minister of Families, Children and Social Development, Ahmed Hussen, and will start on July 20.
The Government of Canada has decided to once again inflate the benefit to “keep pace with the cost of living.”
“More money for hard-working middle-class families starts today,” Employment and Social Development Canada said in a release.
Hey moms and dads! Today’s the day – your Canada Child Benefit is going up again. That means you’ll have more money to pay for whatever your kids need this summer and all year long – whether that’s healthy food, new clothes, or activities the family can do at home. pic.twitter.com/VSMN5ReS4P
— Justin Trudeau (@JustinTrudeau) July 20, 2020
The maximum benefit will be $6,765 per child under the age of six and $5,708 per child aged between six through 17, for the 2020 to 2021 benefit year. This financial assistance will help Canadian families pay for things like healthy food, clothes, and activities for their children.
An example of how the increase will look can be seen when applying the benefit to real Canadian families. A family with two children under the age of six and an income of $30,000 will receive $13,530. This family would see an increase of $252 from the previous benefit year. This also provides a boost of $3,080 from 2015, before the introduction of the Canada Child Benefit.
“Parents know how expensive raising a child can be. That is why I am pleased to announce on the fourth anniversary of the Canada Child Benefit, that it is again going to be raised. This means more money tax-free in the pockets of Canadian families each month,” said Hussen.
The benefit was initially launched four years ago. The increase will be provided on top of the additional $300 per child qualified CCB recipients received in May, as a part of the Canadian government’s response to the coronavirus pandemic.