Parents eligible for Canada Child Benefit (CCB) payments can expect money to arrive tomorrow.
With the new benefit year beginning in July, the Canada Child Benefit has increased, giving Canadians a small but much-needed child tax boost to support their kids.
If you qualify, look out for a deposit in your account on Wednesday, November 20.
Are you worried about the Canada Post strike delaying your cheque? According to a notice on the government’s site, the postal service has agreed to deliver Canada Child Benefit cheques and related provincial and territorial benefits (including the Alberta child and family benefit) for November 20.
“All other benefit and credit payments issued by cheque from the Canada Revenue Agency will be held until the strike has been resolved,” reads the notice.
How much you’ll get from the Canada Child Benefit
Since 2018, the government has indexed CCB amounts to better support parents as the cost of living changes.
“This indexation means that the maximum benefit amounts and income thresholds at which benefits begin to be reduced are increased annually to keep pace with the rising cost of living, giving parents more support each month to help them provide for their children,” an Employment and Social Development Canada (ESDC) spokesperson explained in an email to Daily Hive.
Vitalii Vodolazskyi/Shutterstock
“Both the maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
Last year, the government increased the maximum annual Canada Child Benefit payment per kid under six to $7,437 a year.
The amount per child aged six through 17 also increased from $5,903 to $6,275 — an extra $372 a year.
Child tax payments have since increased by 4.7%, meaning the maximum benefit for a child under six has increased by $350, from $7,437 to $7,787 per year, or $648.91 a month. For kids aged six to 17, it’s increased by $295, from $6,275 to $6,570, or $547.50 a month.
If your adjusted family net income is under $36,502, you’ll get the maximum amount for each child. This benefit is tax-free, too.
Take the criteria test here to determine if your family is eligible for the updated CCB.
If you’re eligible, here are the dates you can expect to receive the child tax payment in 2024.