The Canada Child Benefit (CCB), a tax-free monthly payment intended to assist parents in meeting the expenses of raising children, is sometimes referred to as a child tax benefit. Additionally, you might see an increase in the payment amount this month if your family receives the CCB. The amount that eligible Canadian families will get in CCB payments is recalculated by the Canada Revenue Agency (CRA) every July. This calculation is based on your adjusted family net income from the prior year, which for this year is 2023. Based on data from the Consumer Price Index (CPI), the CCB is likewise adjusted to inflation.
According to this year’s recalculation, families may get an extra $350 for each child under the age of six and $295 for each child between the ages of six and seventeen for the 2023–2024 year.
Employment and Social Development Canada announced on July 18 that families that are most in need can receive up to $7,787 for each kid under the age of six and $6,570 for each child aged six to seventeen for the 2024–2025 benefit year. From the prior year, this indicates a 4.7% gain.
CCB
The CRA provides qualified families with children under the age of 18 with a non-taxable monthly payment known as the Canada Child Benefit. Its goal is to assist middle-class and low-income families in meeting the costs of raising children. Since its introduction in 2016, the CCB has been linked to inflation.
The Child Disability Benefit (CDB) may be included in CCB payments, and certain provinces and territories provide further help.
“The Canada Child Benefit is meant to indirectly help cover the costs of raising a family for parents whose incomes are below the applicable thresholds,” says Jason Heath, Certified Financial Planner at Objective Financial Partners Inc. in Toronto, and MoneySense columnist. “The more kids you have, the higher your benefit entitlement, and the higher the income means-testing limit will be for you. Best of all, it is a tax-free benefit, so you do not report the income on your tax return.”
How much is the Benefit?
The maximum annual benefit per kid under the age of six is $7,787 ($648.91 per month) for the July 2024–June 2025 period and the maximum annual benefit per child aged six to seventeen is $6,570 ($547.50 per month).
Your overall CCB payment amount is determined by:
- The total number of eligible kids in your custody
- The ages of your children (children under 6 years old receive the CCB young child supplement)
- Your adjusted net family income
- Whether your kids qualify for the credit for disabilities
Your 2023 adjusted family net income will be the maximum amount per child if it is less than $36,502 in 2023. CCB payments steadily decline above $36,502 as adjusted family net income rises. Utilize the CRA’s CCB calculator and sample computations available on their website to determine your eligibility for benefits.
You get half of what you would have gotten if you had full possession of the child if you shared custody. The amount of the payout is determined by your family’s net adjusted income.
Eligibility
You must reside with and be primarily responsible for the care and upbringing of at least one kid under the age of 18 to be eligible for CCB payments. For taxation purposes, you also need to be a resident of Canada. You, your spouse, or your common-law partner also need to be one of the following:
- Canadian citizen
- Permanent resident
- Protected person
- A temporary resident who entered Canada within the last 18 months and who, as of the 19th month, still holds a valid permit that does not say “does not confer status” or “does not confer temporary resident status”
- A person who is eligible to register or who is registered under the Indian Act
CCB payment dates
The dates for the second half of 2024’s CCB payments are as follows:
- Friday, July 19
- Tuesday, August 20
- Friday, September 20
- Friday, October 18
- Wednesday, November 20
- Friday, December 13