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Monday, July 22, 2024

Last Canada Child Benefit Payments Before Annual Increase

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Eligible parents will receive Canada Child Benefit (CCB) payments on Thursday, June 20, marking the final payment before the annual increase.

Current Maximum Benefits:

For children under six: $7,437 annually.
For children aged six to 17: $6,275 annually.

Annual Increase:

Effective July 1, benefit amounts are adjusted through indexation based on the Consumer Price Index (CPI) to match the cost of living.
The maximum benefit for children under six will increase by $350 to $7,787.
For children aged six to 17, the benefit will increase by $295 to $6,570.

Monthly Payments:

Approximately $650 per month for children under six.
Approximately $550 per month for children aged six to 17.
Payments are tax-free.

Indexation Process:

Since 2018, the Canadian government has adjusted child benefit amounts annually to support parents with the rising cost of living.

Payment Schedule for 2024:

Payments will be made on the following dates:
January 19, 2024
February 20, 2024
March 20, 2024
April 19, 2024
May 17, 2024
June 20, 2024
July 19, 2024 (start of the new benefit year)
August 20, 2024
September 20, 2024
October 18, 2024
November 20, 2024
December 13, 2024

Additional Information:

Ensure Direct Deposit: Check your My CRA account to enable direct deposit for swift payment.
Eligibility: Use the criteria test to confirm eligibility for the updated CCB.

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