Parents, rejoice: increased Canada Child Benefit payments will begin to arrive in bank accounts this week! The Canada Child Benefit (CCB) was recently increased, and the increased payments are expected to arrive in bank accounts this week.
CCB Benefit Payment Dates 2023
Canada Kid Benefit payments will increase as planned on Thursday, July 20, with eligible families receiving nearly $7,500 per kid under the age of six.
The increase, which represents a 6.3% rise since the benefit year 2022–2023, is a planned adjustment to put the benefit in line with inflation. The maximum benefits and income requirements are both increased annually in accordance with the Consumer Price Index (CPI).
As a result, the maximum yearly benefit for children under the age of six will increase from $6,997 to $7,437 ($440 more) as of July 20. Payments for children aged 6 to 17 will also increase, rising from $5,903 to $6,275 ($372 more).
Because CCB payments are revised every July, many parents and caregivers might anticipate a greater payout than before.
With the revised sums expected to appear in bank accounts within a few days, here’s what you need to know.
How much can you get via the Canada Child Benefit?
The Canada Child Benefit is a monthly tax-free payment that the Canada Revenue Agency administers in order to help families cover the costs of raising children.
Age, marital status, the number of eligible children, and adjusted family net income (AFNI) all influence CCB payment levels.
Qualifying families with an AFNI of less than $34,863 will be eligible for the maximum benefit amount per child beginning July 20. This equates to $7,437 per year ($619.75 per month) for children under the age of six, and $6,275 per year ($522.91 per month) for children aged six to seventeen.
The benefit will progressively diminish for families whose net income surpasses $34,863, but this income barrier is currently larger than previously.
The income levels for the 2023–2024 Canada Child Payment have been modified to correspond with the CPI, potentially making more families eligible for the maximum monthly payment.
CCB payments will be revised for the July 20 payment date, and many parents and caregivers should expect their forthcoming payments to be larger than prior ones.
However, keep in mind that changes in your adjusted family net income beginning in 2022 may have an influence on your CCB payments. For example, if your AFNI grew last year and now exceeds the income criteria, your benefits will be changed to reflect this.
What are the Canada Child Benefit dates for 2023?
The Canada Kid Benefit (CCB) is getting a rise for 2023-2024, which means eligible families will get nearly $7,500 per kid under the age of six – a significant increase over last year.
These are the remaining expected payment dates for the Canada Child Benefit in 2023:
- Thursday, July 20, 2023
- Friday, August 18, 2023
- Wednesday, September 20, 2023
- Friday, October 20, 2023
- Monday, November 20, 2023
- Wednesday, December 13, 2023
The federal government will finalize the dates for 2024 at a later date.
Those whose total benefit amount for the year is less than $240 will not get a monthly payment. Instead, in July, a lump payment will be delivered.
If you don’t receive the Canada Child Benefit on the day you anticipate it, don’t worry. According to the CRA, wait at least five working days before calling the CRA regarding late or delayed payments.