The Canada Child Benefit Is Getting A Boost In 2023 & Eligible Parents Will Get Almost $7,500
The maximum income threshold is also changing for 2023-2024.💰
Get ready, parents! The Canada Child Benefit (CCB) is getting a boost for 2023-2024 and it means eligible families will get almost $7,500 per child under six — a hefty increase on last year.
It means that on July 20, the next scheduled Canada Child Benefit payment date, eligible families will receive 6.3% more than they did during the last benefit year (2022-2023).
The maximum annual benefit per child under 6 is set to increase from $6,997 to $7,437 — a $440 jump. Payments for children aged 6 through 17 will also go up, increasing from $5,903 to $6,275 — an additional $372.
The federal benefit – designed to help parents and caregivers with the cost of raising children under 18 – is one of several benefits that are adjusted annually in line with inflation.
It's the third year in a row that the CCB has been boosted to bring it in line with the cost of living in Canada. It increased to an annual maximum of $6,833 per child in 2021, and then again to an annual maximum of $6,997 per child in 2022.
With several changes to the Canada Child Benefit on the horizon, here's a look at everything you may need to know.
The Canada Child Benefit (CCB) is getting a boost for 2023-2024 and it means eligible families will get almost $7,500 per child under six — a hefty increase on last year. #canadachildbenefit #canadamoney #moneycanada #moneytok #canadanews #canadachildbenefits #canadatiktok #canadiangovernment #fyp #canadafyp
Who is eligible for the Canada Child Benefit?
The Canada Child Benefit — often called the CCB or the Canadian Child Benefit — is a tax-free monthly payment from the federal government. It aims to support families with the cost of raising children who are under 18.
To meet the eligibility criteria, applicants must be living with and caring for a child who is younger than 18 years old.
Recipients 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.
How much can you get via the Canada Child Benefit?
Exactly how much an eligible family can get varies depending on a number of factors, including age, marital status, the number of children in their care, and their adjusted family net income (AFNI).
As of July 20, 2023, eligible people with an AFNI under $34,863 will be able to get the maximum amount available for each child, which is $7,437 per year ($619.75 per month) for children under 6, and $6,275 per year ($522.91 per month) for children aged between 6 and 17.
CCB payments will gradually start decreasing when a family's net income is over $34,863, although this figure is higher than it was previously.
For 2023-2024, CCB income thresholds have also been adjusted in line with the Consumer Price Index, which means more families will now be eligible for the maximum amount of money each month.
Payments are recalculated in July, which means many parents and caregivers can expect their upcoming CCB payments to be higher than they were before.
It's worth keeping in mind though, that if your AFNI changed in 2022, your CCB payments may also change. For example, if your AFNI increased in 2022 and is now over the income threshold, your payments may actually go down.
Canada Child Benefit calculator
Don't worry if you're still confused.
The Canadian government has a handy only tool – which it calls the Canada Child Benefit calculator – which has been designed to help families to work out whether they qualify for the benefit and how much their monthly payments should be.
How to apply for the Canada Child Benefit
Applying for the Canada Child Benefit is pretty easy.
Eligible families can apply for the tax-free benefit online, via mail or when registering the birth of their newborn in their local region.
Applying for the CCB will automatically determine your eligibility for any related provincial or territorial programs, too.
Parents and caregivers who do qualify for the benefit can expect to receive their first payment within 8 weeks of their online application being received, or within 11 weeks their mail application being received.
What are the Canada Child Benefit payment dates for 2023?
Here are the remaining expected payment dates for the CCB in 2023:
- July 20, 2023
- August 18, 2023
- September 20, 2023
- October 20, 2023
- November 20, 2023
- December 13, 2023
Keep in mind that if your total benefit amount for the year is less than $240, you will not receive a monthly payment. Instead, you'll receive a lump sum in July.
The CRA continues to ask families who have not received their CCB on time to wait five working days before contacting them.
It's important to remember that in order to get CCB payments as expected, you must file your tax return on time. Payments can also be delayed if a family or individual's circumstances change (like an address or change in marital status) and the CRA was not notified.
What is the Canada Child Benefit extra payment?
The Canada Child Benefit extra payment was a supplement to the CCB introduced in November 2020 to help parents with expenses related to the COVID-19 pandemic.
More formally known as the Canada Child Benefit young child supplement (CCBYCS), it offered an extra $1,200 per child under six.
The first two payments were distributed on May 28, 2021, with the final two paid out on July 30 and October 29, 2021.
The CCBYCS ended permanently on December 31, 2021, and it's not possible to claim these extra payments for 2022-2023 or 2023-2024.
How can you spend the Canada Child Benefit?
There are no set rules in place for how the CCB should be used, and it is up to parents and caregivers to decide how best to spend the money for their child or children.
In the past, the government has suggested using the benefit for everyday expenses, like school supplies, new clothes and after-school activities.
It could also be used for things like supportive child care, learning tools, toys and games, sports equipment, books and shoes.
This article's cover image was used for illustrative purposes only.
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