Canada Child Benefit Increases Again to Keep Up with the Cost of Living

For the July 2024 to June 2025 benefit year, the Canada Child Benefit (CCB) will increase once again to help Canadian families with the costs of raising children. The CCB is a tax-free monthly payment made to eligible families to assist with the expenses of raising children under the age of 18.

Under the new benefit, families will receive up to $6,833 per year for each child under the age of 6, and up to $5,765 per year for each child aged 6 to 17. This increase in the CCB is designed to keep up with the rising cost of living in Canada and ensure that families have the financial support they need to provide for their children.

In addition to the increase in the CCB amounts, the benefit will also continue to be indexed to inflation to ensure that it remains reflective of the realities of the cost of living in Canada. This means that as the cost of living increases, the CCB will increase as well to provide families with the support they need.

To be eligible for the CCB, families must file their income tax returns each year to determine their eligibility and benefit amount. Families who have children under the age of 18 and meet certain income requirements are eligible to receive the CCB, which is calculated based on a variety of factors, including family income, the number of children in the household, and the ages of the children.

Overall, the increase in the Canada Child Benefit for the 2024 benefit year is good news for Canadian families who are looking for financial support to help cover the costs of raising children. With the rising cost of living in Canada, the CCB provides families with the assistance they need to ensure that their children are well taken care of and have access to the resources they need to thrive.