Feds re-index Canada Child Benefit, parents could see hundreds more annually

More money landed in the pockets of some Canadian parents Friday after the feds increased Canada Child Benefit (CCB) payments.

Minister of Families, Children, and Social Development, Jenna Sudds, said in a video posted to social media that the benefit would be increasing once again to help parents keep up with the cost of living.

Today the Canada Child Benefit is going up!

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Aujourd’hui, l’Allocation canadienne pour enfants augmente! #CanadaChildBenefit #families #kids #Canada pic.twitter.com/KoWfUeDJ5F

— Jenna Sudds (@JennaSudds) July 19, 2024

For the 2024-25 benefit year, families can receive up to $7,787 per child under the age of six, and $6,570 per child aged six through 17.

This means parents could receive up to $350 more than last year, an increase of 4.7 per cent from the previous year.

“This tax-free benefit is increasing again to help parents keep up with the cost of raising kids and to give their kids the best possible start in life,” Sudds said. “We will continue to deliver results that Canadians can count on.”

Changes are coming as the benefit was indexed to inflation using Consumer Price Index dara released by Statistics Canada.

The government says re-indexing the benefit CCB has happened every July since 2018.

The CCB, first introduced in July 2016, is a monthly tax-free benefit that supports low-to-middle income families with children to help with the cost of raising kids under 18.

Benefit payments are based on several factors, including the number of children in one’s care, their ages, marital status, and net income from the previous year.