Prices always seem to be going up. Sometimes it’s gas, sometimes it’s groceries– and don’t even get started on housing. Having a child (or children) just makes this all the more pricier.
This month, eligible families will have assistance with costs related to raising under-18 children. But that’s not all! Parents, get ready for an increase in this monetary assistance, as well.
ELIGIBILITY
Administered by the Canada Revenue Agency, the Canada Child Benefit (CCB) is a tax-free monthly payment that eligible families can receive. This payment is meant to support families in the costs that come with raising a child.
Your eligibility depends on a variety of factors, including you being “primarily responsible for the care and upbringing of the child.” You can check here for a full list of requirements to see if you are eligible for the CCB.
Additionally, the amount you receive from the CCB depends on your adjusted family net income from the previous year, indexed to inflation. Any changes in income will only be reflected in the following year’s payments.
PAYMENT AMOUNTS
Last year, the CCB increased by 4.7% in July. This meant that if you had a child under 6 years of age, you could receive a maximum annual payment of $7,787. And if you had a child over the age of 6, but under 18, your maximum annual payment could be up to $6,570.
Of course, all of this depends on your working income.
Come July 2025, families can expect another increase in the CCB. Albeit, it’s not as high as last year’s, but it’s an increase nonetheless. This 2.7% bump in payments will bring those maximum annual payments to $7,997 for 6-and-under children. And it will be $6,748 for 6-and-over kids.
The CCB means that families can commit even more resources to raising their kids. It will certainly be a weight lifted off plenty of parents’ shoulders as this month’s payment came on May 20.
