Eligible parents nationwide can expect Canada Child Benefit (CCB) payments to hit their accounts earlier on Friday, which is earlier than usual.
These payments usually go out on the 20th day of each month unless there’s a weekend or holiday, in which case, they’re sent out the day before.
Every May, Canadians get a Monday off for Victoria Day. This year, the holiday falls on May 20, meaning parents will get CCB payments on Friday, May 17.
The maximum annual benefit per kid under six is $7,437, and the maximum yearly amount per child aged six through 17 is $6,275. But that’s because we’re still in the same benefit year we were in for the latter half of 2023.
July 1 always rings in a new year for Canada’s benefit programs. This is when maximum benefit amounts are adjusted via a process called indexation.
Since 2018, the Government of Canada has indexed child benefit amounts to support parents as the cost of living changes in a better way.
“This indexation means that the maximum benefit amounts and income thresholds at which benefits begin to be reduced are increased annually to keep pace with the rising cost of living, giving parents more support each month to help them provide for their children,” an Employment and Social Development Canada (ESDC) spokesperson explained in an email to Daily Hive.
“The maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
The maximum benefit for a child under six will increase by $350, from $7,437 to $7,787. For kids aged six to 17, it’ll increase by $295, from $6,275 to $6,570.
Every month, this would be around $650 per child under six and $550 per child aged six to 17.
The amount is tax-free, too.