Child benefits are rolling out to Canadians. How much will parents get?
Global News
The Canada Child Benefit amounts were increased in July after an annual recalculation based on a family’s net income from the previous year and inflation.
The latest child benefits are going out to Canadian parents on Tuesday after a routine increase in monthly payments last month.
The Canada Child Benefit (CCB) amounts were increased in July after an annual recalculation based on a family’s net income from the previous year and inflation.
The federal government said the top-up was “to help parents keep up with the cost of living.”
“That’s more tax-free money back in their pockets every month — to spend on groceries, rent, summer camps and whatever their family needs,” said Employment and Social Development Canada in a statement last month.
CCB payments go to eligible families that have children under the age of 18 residing in Canada.
In August, parents could receive a maximum payment of $648.91 for each child under the age of six years. That is an annual increase of 4.7 per cent relative to 2023.
For every child aged six to 17 years, the maximum CCB payment will be $547.50, which is a 4.7 per cent increase from last year.
The payments are calculated based on the adjusted family net income (AFNI), as reported in the previous year’s tax return, the number of children, and their ages, according to the Canada Revenue Agency.
