The Canada Child Benefit (CCB) is a monthly tax-free payment the Canadian government provides to families with children under 18. It is intended to assist families with the costs of raising children and is recalculated annually using the family’s net income and adjusted for inflation. The payment for the current month will be issued on August 20, 2024. Canadian parents will get additional CCB payments beginning in August 2024 to assist them cope with rising living costs. The new payment levels are intended to provide more excellent financial assistance to families experiencing growing costs. This payment is computed annually in July based on the family’s net income and adjusted for inflation to help address growing concerns about the cost of living.

Jenna Sudds, Minister of Families, Children, and Social Development, and Kamal Khera, Minister of Diversity, Inclusion, and Persons with Disabilities, announced an increase in the annual Canada Child Benefit beginning in July 2024 to help families cope with growing living costs.

CCB increased payment amounts:

• The Canada Child Benefit (CCB) payment amounts have been enhanced effective July 2024 to provide extra financial assistance to families. The modified quantities are as follows.
• For children under six years of age: Maximum monthly payment is $648.91. Annual increase: 4.7% over the previous year.
• For youngsters aged 6 to 17, the Maximum monthly payment is $547.50. The annual payout is up to $6,570—a yearly increase of 4.7% over the previous year.

Eligibility to receive CCB payments:

• To be eligible for the Canada Child Benefit (CCB), you must live in Canada with a child under 18.
• You must be the child’s primary caretaker.
• You or your spouse/common-law partner must be a Canadian citizen, permanent resident, protected person, temporary resident who has been in Canada for at least 18 months and has a valid permit, or an Indigenous person who fits specific requirements.
• The payment amount is calculated using the family’s adjusted net income (AFNI) from the previous year’s tax return.
• If children’s special allowances (CSA) are not due for the month, payments might be made for foster children.

Details for Claiming CCB Benefit Amount:

To claim Canada Child Benefit (CCB) payments, you must apply using one of the available options. When a child is born, you can typically sign up for the CCB at the hospital during birth registration. If this does not occur, you can apply online by signing into your Canada Revenue Agency (CRA) account and completing the application there. Alternatively, you can complete a paper application and send it to the CRA. Once your application has been completed and approved, funds are made straight into your bank account or by check. Keep your information up to date with the CRA so that you can continue to receive payments without interruption.

Further Assistance Initiative:

• In addition to the Canada Child Benefit (CCB), the federal government has launched an endeavor to help Canadian families by making child care more affordable. The goal is to provide $10 child care per day by fiscal year 2025-26.
• This effort intends to alleviate families’ financial burdens by considerably cutting daycare expenses, allowing more parents to work, and enhancing overall economic stability for families across Canada.
• This project is part of a more significant effort to support families and ensure children can access high-quality childcare services.