Parents, there’s good news: This week, increased Canada Child Benefit payments will start to show up in bank accounts. The Canada Child Benefit (CCB) recently got a raise, and this week, bank accounts will start to receive the higher amounts.
CCB Benefit Payment Dates 2023
Payments for the Canada Child Benefit will rise as expected starting on Thursday, July 20, with qualified families being able to collect nearly $7,500 for each child under the age of six.
The increase is a planned one to bring the benefit into line with inflation and represents a 6.3% rise since the 2022–2023 benefit year. The yearly Consumer Price Index (CPI)-based indexing of the maximum benefits and income limits takes place.
The maximum compensation per kid under the age of six will rise from $6,997 to $7,437 as of July 20 ($440 extra). Children between the ages of 6 and 17 will receive an increase in payments as well, going from $5,903 to $6,275 ($372 more).
Many parents and caregivers can anticipate their forthcoming payment to be larger than it was previously since CCB payments are revised every July.
Here is what you need to know since the new sums should start showing up in bank accounts in the coming days.
How much can you get via the Canada Child Benefit?
The Canada Child Benefit is a monthly payment that is tax-free and given out by the Canada Revenue Agency to help families with the expense of raising children.
Age, marital status, the number of eligible children, and adjusted family net income (AFNI) are a few examples of the variables that affect CCB payment levels.
On July 20, the maximum benefit amount per kid will be available to qualified families with an AFNI under $34,863. For children under the age of six, this is $7,437 per year ($619.75 per month), while for children between the ages of six and seventeen, it is $6,275 per year ($522.91 per month).
Although this income barrier is currently larger than previously, the benefit would progressively decline for families whose net income exceeds $34,863.
The income requirements for the Canada Child Payment for 2023–2024 have been modified to be in line with the CPI, which could now allow more families to qualify for the full monthly payment.
CCB payments will be revised for the payment date of July 20, and many parents and caregivers could anticipate that their next payments will be greater than prior ones.
However, it’s critical to remember that adjustments to your family’s adjusted net income starting in 2022 may have an influence on your CCB payments. Your payments will change in accordance with circumstances, such as if your AFNI increased last year and is currently higher than the income limit.
What are the Canada Child Benefit dates for 2023?
The Canada Child Benefit (CCB) will receive a substantial increase for 2023-2024, with eligible families receiving nearly $7,500 per child under the age of six.
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 likely announce the 2024 dates at a later time.
If your annual benefit total is less than $240, you won’t get a monthly check. Instead, in July, a big payment will be given out.
Hold tight if you don’t receive the Canada Child Benefit on the day you were anticipating. Prior to getting in touch with them regarding late or delayed payments, the CRA advises waiting at least five business days.