Boosted Canada Child Benefit Payments Will Arrive In Bank Accounts This Week
The monthly payment was increased earlier this year.💰
Justin Trudeau. Right: Canadian dollars.
Check your bank accounts, parents! The newly-boosted Canada Child Benefit payments will be paid out again on October 20 and there are a few ways to ensure you receive the money on time.
The Canada Child Benefit increase, which came into effect in July, allows eligible families in Canada to get more support with the cost of raising children under the age of 18.
The tax-free monthly payment is designed to help with the rising cost of things like clothing, activities, food, and more.
Adjusted in line with inflation, the benefit now offers eligible families up to $6,997 per child, per year.
\u201cThe next #CanadaChildBenefit will be issued in 2 days, on October 20th!\n\nSign up for direct deposit to avoid delays and to get future payments faster. https://t.co/oKos9oOEr6 #CdnTax\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1666109405
How much is the Canada Child Benefit?
The exact amount each family qualifies for depends on several factors, including the number of children they have, their age, their marital status and their adjusted family net income (AFNI).
For example, eligible people with an AFNI under $32,797 can get the maximum amount available for each child, which is $6,997 per year ($583.08 per month) for children under 6, and $5,903 per year ($491.91 per month) for children aged between 6 and 17.
These figures gradually start decreasing when a family's net income is above $32,797.
Is the Canada Child Benefit paid monthly?
Canada Child Benefit payments are paid out monthly by the CRA.
The first payments of 2022 were made on July 20, August 19 and September 20.
In October, parents and caregivers can expect to receive the benefit on Thursday, October 20.
The final two payments of this year will be on November 18 and December 13.
Those whose total benefit amount for the year is under $240 will receive one lump sum payment in July.
The CRA says CCB payments may take up to five working days to land in Canadians' accounts, so avoid contacting them before this if you've not been paid.
Does everyone get the Canada Child Benefit?
No, not everybody qualifies for the Canada Child Benefit.
Per the eligibility criteria, applicants must be living with and caring for a child who is younger than 18 years old.
They must also be a resident of Canada for tax purposes and they (or their partner) must be a Canadian citizen, a permanent resident, a protected person, an eligible temporary resident or an individual who is registered or entitled to be registered under the Indian Act.
Full details can be found online.
To make sure you get paid on time, the Canada Revenue Agency recommends signing up for direct deposit.
You can do this via your bank, or online via MyAccount. It's also possible to sign up via phone, by calling the CRA.
This article's cover image was used for illustrative purposes only.