Families will be able to offset the rising costs of living through the Canada Child Benefit (CCB) in 2024. The maximum benefit for children under 6 years old will now be $7,787 annually, while the maximum benefit for children aged 6-17 will be $6,570 annually. You will learn about the eligibility requirements, how payments are calculated, and when your payments will arrive.
Children under the age of 18 can receive financial assistance through the Canada Child Benefit (CCB), which is a crucial government initiative. Families eligible for the CCB receive tax-free monthly payments as long as the cost of living rises. The CCB is indexed every year to keep pace with inflation. The maximum benefit for 2024 has been increased, with families eligible to receive between $6,570 and $7,787 per child.
Child Benefit in 2024 to increase to $7,787 in Canada
Canada Child Benefit provides critical financial support to help raise children for Canadian families. Families will continue to receive support despite rising living costs thanks to the increase in 2024. To maximize the value of this benefit, make sure you understand eligibility criteria, calculate your potential benefits, and know when payments will be made.
What is the Canada Child Benefit (CCB)?
Families with children can take advantage of the Canada Child Benefit, which is a tax-free payment that helps them pay for child care every month. Family income, number of children in care, and eligibility for disability benefits all impact how much families receive.
In 2024, families can receive up to $6,570 per child aged 6-17, while children under 6 will receive a maximum payment of $7,787. Payments will increase by 4.7% from 2023 to keep up with rising costs of living, ensuring the benefit keeps pace with inflation.
What is the CCB Process?
CCB payments generally arrive on the 20th of every month. AFNI (adjusted family net income) is the amount a family receives from the previous year. CCB payments are calculated based on the family’s net income from their tax return for 2023, for example.
Families earning less than $36,502 per year:
Families with multiple children receive the maximum benefit amount. Once a family’s income reaches this level, the payments gradually decrease.
Families with incomes between $36,502 and $79,087:
If you earn more than $36,502, your CCB payments will decrease by 13.5%. In the example above, a family earning $60,000 would see their benefit reduced by $3,172.
Families earning more than $79,087:
If your income exceeds $79,087, your payments are reduced by 5.7%.
Requirements for CCB eligibility
You must meet the following criteria in order to qualify for the CCB:
- Children under 18 must be primarily under the care and upbringing of their parents.
- Tax residency in Canada is required.
- A Canadian citizen, permanent resident, protected person, or valid temporary resident status in Canada for at least 18 months must be obtained by either you or your spouse/common-law partner.
How to Apply for Canada $6,570 to $7,787 Child Benefit in 2024
CCB applications are easy. New parents typically register their kids’ births with their province or territory to get the CCB automatically. If you don’t have an account with the CRA, you can apply by filling out Form RC66 and submitting it along with supporting documents.
Newcomers can apply for the benefit if they file their taxes and provide proof of status in Canada.
CCB payment dates for 2024
CCB payments are important to know when to expect them. Here are the 2024 payment dates:
- January 19, 2024
- February 20, 2024
- March 20, 2024
- April 19, 2024
- May 17, 2024
- June 20, 2024
- July 19, 2024
- August 20, 2024
- September 20, 2024
- October 18, 2024
- November 20, 2024
- December 13, 2024
Canada Revenue Agency (CRA) recommends waiting five business days before contacting parents about missed payments.
