Canada Child Benefit 2024 : Is Canada child benefit going up in 2024?
The Canada Child Benefit (CCB) is a monthly, tax-free payment designed to assist parents with the cost of raising children. Every July, the Canada Revenue Agency (CRA) recalculates the amount eligible Canadian families will receive based on their adjusted family net income from the previous year (for this year, that’s 2023). Additionally, the CCB is indexed to inflation, reflecting changes in the Consumer Price Index (CPI).This year’s recalculation could mean an extra $350 per child under 6 and $295 per child aged 6 to 17, compared to the 2023–24 period.
For the 2024–25 benefit year, families in need may receive up to $7,787 per child under 6 and $6,570 per child aged 6–17, a 4.7% increase from the previous year, according to Employment and Social Development Canada. As the cost of living continues to rise, the Canadian government is stepping up its efforts to support families with children. The Canada Child Benefit (CCB) is one such program designed to help parents and guardians manage the financial challenges of raising children. For 2024, the CCB has seen an increase, making it even more beneficial for eligible families.
What is the Canada Child Benefit (CCB)?
The Canada Child Benefit is a monthly, tax-free payment provided to eligible families to help cover the costs of raising children. The amount you receive depends on your family’s income and the number of children you have. The CCB is aimed at providing additional financial support for families with lower to middle incomes, ensuring that raising children remains financially manageable for all Canadians.
CCB payment dates for 2024
January 19, 2024February 20, 2024March 20, 2024April 19, 2024May 17, 2024June 20, 2024July 19, 2024August 20, 2024September 20, 2024October 18, 2024November 20, 2024- December 13, 2024
What’s Changing in 2024?
Yes, the Canada Child Benefit is going up in 2024! Starting in July, families will see a 4.7% increase in their CCB payments, which is a substantial rise in response to inflation and the rising costs of living.
Here’s how the CCB amounts for 2024 break down:
- $7,787 per child under 6
- $6,570 per child aged 6 to 17
This is great news for Canadian families, especially those with younger children. The increase will help offset the higher costs of living, including inflation in everyday essentials like food, clothing, and transportation.
Why is the Canada Child Benefit Going Up?
The increase in the CCB is part of the Canadian government’s commitment to supporting families and ensuring that the benefit keeps up with inflation. As prices for goods and services rise, especially for necessities like food and childcare, the CCB helps families bridge the gap by providing a steady source of financial support.
By indexing the CCB to inflation, the government ensures that families continue to receive sufficient assistance, even as the economic landscape shifts. This increase is designed to reflect the real-world cost of living and provide tangible help to families in need.
How is the CCB Calculated?
The amount of CCB a family receives depends on its adjusted family net income, which is calculated by the Canada Revenue Agency (CRA). Each year, the CRA recalculates how much families are eligible to receive based on their income from the previous year.
For the 2024–2025 benefit year, the payments will be based on your family’s income from 2023. Families with lower incomes will receive more assistance, while those with higher incomes will receive less, or possibly no CCB. This structure is designed to ensure that the support goes to those who need it the most.
What Does the Increase Mean for Families?
The 4.7% increase in the CCB for 2024 is a big deal for Canadian families. For parents with children under 6, the benefit could be as much as $7,787 per child, and for families with children aged 6 to 17, it could be up to $6,570 per child.
This boost is particularly important for families facing increased costs due to inflation. From groceries to daycare to school supplies, the financial demands of raising children are higher than ever. The CCB helps ease some of that burden, giving parents more room in their budgets to cover the basics.
