The Canadian government announced the country's latest federal economic package on Monday and it includes good news for those with a young family.

People who qualify for the Canadian Child Benefit (CCB) will receive up to $1,200 in 2021 for each child under the age of six they have, the government announced today.

Around 1.6 million families will receive the temporary benefit, which is expected to cost the federal government an additional $2.4 billion in 2021.

Editor's Choice: You Can Now Apply To Get $200 For Every Kid You Have From Ontario's Government

$1,200

Amount for each child under the age of six

"COVID-19 has been especially hard for young children and their families. We know that many middle-class families are really struggling," said Deputy Prime Minister Chrystia Freeland when she announced the package in Parliament today.

If you're eligible for the CCB and make less than $120,000 a year, you'll receive the money automatically as four tax-free payments of $300, spread throughout 2021.

Eligible families who make more than $120,000 a year will receive four tax-free payments of $150.

The full eligibility requirements for the CCB are listed on the Government of Canada's website.

The first benefit will be issued in early 2021, when the enabling legislation is passed.

 
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