Canada Child Benefit $7800 Payment in 2024, Eligibility for the upcoming raise
Exciting news for all Canadian parents out there! Brace yourselves for a boost in the Canada Child Benefit (CCB), because starting July 2024, you’ll be getting even more support for raising your little ones. The government is upping the ante to match the increasing cost of living, ensuring your family gets the help it needs. It’s a tax-free monthly payment designed to lighten the load of child-rearing expenses, so get ready to enjoy the benefits!
CCB Benefit Period and Indexation
The Canada Child Benefit (CCB) is like a helping hand from the government for families with kids. It runs from July 1 to June 30 each year, making sure parents get the support they need. Since 2018, the CCB has been keeping up with the times by adjusting its amounts based on the Consumer Price Index (CPI). This yearly tweak means more help for parents, matching the ups and downs of the economy and making sure families can give their children the care they deserve.
Recent and Upcoming Canada Child Benefit Increases
Big news for Canadian families! The government has given the Canada Child Benefit (CCB) a major upgrade. In 2021, they bumped up the yearly payment for kids under six by a whopping $7,437, and for the older ones aged six to 17, it went up by $372 to hit $6,275.
Why the boost? Simple. They want to make sure families like yours have what they need to take care of their kids. And get this: come July 2024, there’s even more good stuff coming your way. Employment and Social Development Canada (ESDC) just announced another increase of 4.7% in child tax payments. Looks like help is on the rise!
Here’s the scoop: More good news for families with young ones! The maximum benefit for kiddos under six is getting a $350 boost, going from $7,437 to $7,787. And for the older crew, aged six to 17, it’s rising by $295, reaching $6,570 from $6,275.
Why the increase? Simple. They’re aiming to lighten the load on families with little ones, making sure you’ve got what you need to provide for your children. It’s all about giving families the support they deserve.
Eligibility Criteria for the Canada Child Benefit
To get in on the Canada Child Benefit (CCB) action, here’s the lowdown:
First off, you gotta be living in Canada for tax purposes. That includes citizens, permanent residents, protected persons, and even temporary residents who’ve been here for at least 18 months and got a valid permit for that 19th month.
Next up, you gotta be the main caregiver for the kiddo. That means they live with you and you’re the one taking care of them day in, day out.
Whether you’re flying solo or rocking the parenting gig with a partner, you’re eligible for the CCB. Yup, even if you’re sharing custody, both parents can get a piece of the pie.
Now, who’s eligible? Any kiddo under 18 who’s living with you and under your main care.
Oh, and one more thing: how much you get depends on your family’s net income. The more you make, the less you’ll get in benefits. Just something to keep in mind.
CCB Payment Schedule for 2024
Mark your calendars, folks! The Canada Revenue Agency (CRA) has got your back with those Canada Child Benefit (CCB) payments, and here’s when you can expect them:
- January 19, 2024
- February 20, 2024
- March 20, 2024
- April 19, 2024
- May 17, 2024
- June 20, 2024
- July 19, 2024
- August 20, 2024
- September 20, 2024
- October 18, 2024
- November 20, 2024
- December 13, 2024
But hey, if your yearly benefit is less than $240, you’ll snag a single payment in July instead of getting a monthly dose. Keep an eye out for those dates!