As prices rise, so does the cost of living. Gas and groceries– not to mention everything else in between– has bills piling up. It’s a good thing that the final child tax payments are coming soon this June.
As this payment marks the end of this benefit year, eligible parents will be getting even more money next month.
ELIGIBILITY
The Canada Child Benefit (CCB) is a monthly payment administered by the Canada Revenue Agency. Eligible families can receive this payment to ensure they can support the growing costs of raising a family.
Eligibility depends on a variety of factors. This includes you being “primarily responsible for the care and upbringing of the child.” To check if you can receive the CCB, the Government of Canada provides a full run-down of all the details.
Determining the amount you receive from the CCB is dependent on your adjusted family net income from the previous year, indexed to inflation. Income changes are reflected in the following year’s payments. So, technically, next month as the benefit year ends this June.
INCREASES TO THE CCB
The CCB increased by 4.7% last July, meaning that if you had a child under 6 years of age, you could receive a maximum annual payment of $7,787. Children over the age of 6 and under 18 could have a maximum annual payment of up to $6,570.
July 2025 will introduce another increase in the CCB. Although it is not as high as last year’s, an increase is still an increase. Growing by 2.7%, the maximum annual payments will be brought to $7,997 for 6-and-under children and $6,748 for 6-and-over kids.
With more money in families’ pockets, they can commit even more resources to their children. The CCB helps with that– so do keep an eye out for it on June 20. And be ready for the new benefit year to begin with those increased payments.
