Good news, parents! The Canada Child Benefit (CCB) recently received an increase and the boosted payments are set to land in bank accounts this week.
As of Thursday, July 20, Canada Child Benefit payments will increase as scheduled, with eligible families able to receive almost $7,500 per child under the age of six.
The bump – which represents a 6.3% increase since the 2022/2023 benefit year – is a scheduled increase to bring the benefit in line with inflation. Both the maximum benefits and income thresholds are indexed annually based on the Consumer Price Index (CPI).
It means that as of July 20, the maximum annual benefit per child under 6 will increase from $6,997 to $7,437 ($440 more). Payments for children aged between 6 and 17 will also jump, increasing from $5,903 to $6,275 ($372 more).
As CCB payments are recalculated every July, many parents and caregivers can expect their upcoming payment to be higher than it was before.
With the new amounts set to arrive in bank accounts within a matter of days, here's what you need to know.
How much can you get via the Canada Child Benefit?
The Canada Child Benefit is a tax-free monthly payment administered by the Canada Revenue Agency that aims to support families with the cost of raising children.
CCB payment amounts vary based on factors such as age, marital status, the number of eligible children, and adjusted family net income (AFNI).
As of July 20, qualifying families with an AFNI under $34,863 will be eligible for the maximum benefit amount per child. This translates to $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.
For families whose net income exceeds $34,863, the benefit will gradually decrease, although this income threshold is now higher than before.
In alignment with the CPI, the 2023-2024 Canada Child Benefit income thresholds have been adjusted, potentially making more families eligible for the maximum monthly benefit.
For the July 20 payment date, CCB payments will be recalculated, and many parents and caregivers may expect their upcoming payments to be higher than previous ones.
However, it's essential to keep in mind that changes in your adjusted family net income from 2022 may impact your CCB payments. For instance, if your AFNI increased last year and now exceeds the income threshold, your payments will be adjusted accordingly.
What are the Canada Child Benefit dates for 2023?
@narcitytoronto 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
These are the remaining expected payment dates for the Canada Child Benefit in 2023:
- Thursday, July 20, 2023
- Friday, August 18, 2023
- Wednesday, September 20, 2023
- Friday, October 20, 2023
- Monday, November 20, 2023
- Wednesday, December 13, 2023
Dates for 2024 are expected to be confirmed by the federal government at a later stage.
Those who have a total benefit amount under $240 for the year will not receive a monthly payment. Instead, a lump sum will be distributed in July.
If you don't get the Canada Child Benefit on the day you're expecting it, hold tight. The CRA says to wait at least five working days before contacting them about late or delayed payments.
This article's cover image was used for illustrative purposes only.
