Parents in Canada, good news! You will soon get a larger child tax payment. The Canada Child Benefit (CCB) is increasing. This benefit year starts on July 1st and ends on June 30th of the next year.
The government has been adjusting CCB levels since 2018 to help parents with changing living expenses.
What is the Canada Child Benefit?
The Canada Child Benefit (CCB) helps families with the cost of raising children under 18. It started in 2016 and is a non-taxable benefit.
The previous benefit, the Universal Child Care Benefit, was taxable. The CCB is based on income and provides more help to families with lower and middle incomes.
How Does Indexation Work?
Indexation means adjusting the benefit amount to keep up with the cost of living.
Each year, the government increases the CCB to help parents with rising expenses.
This year, parents will get more money each month to help raise their children.
$7800 Canada Child Benefit Payment 2024
For children under 6, the maximum annual CCB was $7,437 last year.
For children aged 6 to 17, it was $6,275. In July 2024, parents will get even more. The government plans a 4.7% increase in the child tax payment.
New Maximum Benefits
- Children under 6: The maximum benefit will increase from $7,437 to $7,787, a $350 increase.
- Children aged 7 to 17: The maximum benefit will increase from $6,275 to $6,570, a $295 increase.
These increases mean more support for families to help with the cost of raising children.
Who is Eligible for the $7800 Canada Child Benefit 2024?
To get the CCB, you must:
- Be a Resident of Canada: This includes citizens, permanent residents, protected persons, and temporary residents with a valid permit.
- Be the Primary Caregiver: You must be the person who takes care of and lives with the child.
- Have a Child Under 18: The child must live with you and you must be their primary caregiver.
- Meet Income Requirements: The amount you get decreases as your family income increases. The benefit is based on your family’s net income.
Visit the official website canada.ca for updates on CCB eligibility.
How Much Can You Get from the CCB?
The amount you get depends on:
- Your Adjusted Family Net Income: From the previous year’s tax return.
- Your Marital Status: Single, married, etc.
- Number of Children: In your care.
- Ages of the Children: Under 6 or 6 to 17 years old.
Benefit Amounts
- Low-income families: Up to $7,437 annually ($619.75 per month) for each child under 6. Up to $6,275 annually ($522.91 per month) for each child aged 6 to 17.
- Families with income less than $34,863: Will get the maximum amount for each child.
- Higher income families: Payments decrease as income rises.
For example, a family with an adjusted net income of $45,000 and one child under 6 would get $6,727.41 from the CCB. Parents who share custody will each get half of the payment. Children who qualify for the disability tax credit may get an extra $264.41 per month ($3,173 per year).
When Will You Get the $7800 CCB?
The CCB is usually paid on the 17th or 20th of each month. In December, it is paid on the 13th. The April 2024 payment date is April 19, 2024. If your yearly benefit amount is less than $240, you will get a lump sum payment in July instead of monthly payments.
Important Dates and Information
- Benefit Name: Canada Child Benefit
- Country: Canada
- Payment Amount: $7800
- Category: Financial Aid
- CCB Payment Dates: April 19, 2024
- Official Website: www.canada.ca
Conclusion
The $7800 Canada Child Benefit Payment 2024 is a significant help for parents in Canada. The government is increasing the benefit to help with the cost of living. By knowing the eligibility criteria and payment dates, you can make sure you get the support you need.
For more details and updates, visit the official website canada.ca. The Canada Child Benefit is here to help you provide a better future for your children.