Check out the information regarding the 2024 Child Benefit Extra Payment (CCB Extra Payment 2024). Regarding the disbursement of the additional funds for the CCB benefit, there have been certain news reports. This article contains all of the information regarding the CCB Extra Payment.
Overview of Canada Child Benefit 2024
Indexing the CCB rates, the CRA has been able to better support parents in dealing with their children’s rebellion during periods of COLA fluctuations. Children under the age of six saw a notable increase of $440 in the previous year, from $6697 to $7437. Likewise, children who fall beyond the age range of 6 to 17 receive adjusted payouts of $6275, up from $5903 the year before. It is thought that the increased sum is $372 more.
In addition to these payments, the guardian will get the additional CCB payment for the children’s wellbeing. The excess is not subject to taxes and may be applied to either personal expenses or the children’s education costs.
According to the current situation, citizens anticipate an increase of $620 for children under the age of six, and an additional $513 for the other children. The officials have not yet decided on a deposit plan, though.
CCB Payment 2024
- The Canada Child Benefit 2024 Payment will be made to Canadian citizens who are children, meaning they are significantly younger than eighteen.
- Individuals who earn $500 or more are eligible for the Child Benefit 2024; the amount is unique for each province.
- The purpose of the benefit is to allow families to raise their children without having to worry about receiving any financial assistance.
- Benefits are increased by 3% per year, and as a result, recipients receive the new Canada Child Benefit Payment Amount in February 2024.
- The cost is deposited straight into the customers’ bank accounts; if there is a delay, the money will be sent within two to three business days.
CCB Extra Payment Eligibility
For the child to be eligible for the CCB extra payment, they must be at least eighteen years old. The other criteria are as follows:
- There are two categories for the child care benefit. One for children under 6 years of age. And another for those above the age of 7.
- The child must reside in the nation, and both parents must share custody of the child.
- A minimum of one of the parents or senior guardians needs to be a citizen of the nation permanently.
- The child ought to spend more than six months with their parent or legal guardian.
- Either the applicant or the parent must be a citizen of the nation.
- The record must include both parents’ filed tax returns.
- The family needs to show that they have lived in Canada for at least 18 months. And at least one parent needs to be a permanent resident.
- The custody kid will be subject to different regulations than the CCB benefit.
CCB Payment Amount 2024
The length of the family, the age of the children, and household earnings are among the factors that determine the CCB payment. The following is how the payment is determined:
- $7,437 per year (that is, $619.75 per month) for every eligible kid aged below 6 years
- $6,275 per year (that is, $522.91 in steps per month) for every eligible kid between 6 to 17 years
- The CDB provides up to $3,173 annually for the contemporary period (July 2023 to June 2024).
CCB Extra Payment Dates
According to the tax returns from 2023, the families of children under 6 years will receive $7437 annually. The youngsters who are older than seven will earn $6275 annually. As a result, several other circumstances come into play, such as whether the child stays with the family full-time or just periodically in the event of shared custody. The following amount will be given to the families on the dates specified.
| Month | Payments Dates |
| January | 19th Jan |
| February | 20th Feb |
| March | 20th Mar |
| April | 19th Apr |
| May | 17th May |
| June | 20th June |
| July | 19th July |
| August | 20th Aug |
| September | 20th Sep |
| October | 18th Oct |
| November | 20th Nov |
| December | 13th Dec |
The Bottom Line
The Canadian Revenue Agency’s main website offers the CCB calculator. These might be used by the parents to estimate the amount they will be reinvesting.
The size of the family, the distribution of the children’s ages, and the household income are considered while calculating the CCB extra payment. For the supplementary bonus, the parents’ assets are also taken into account.