This 12 months’s recalculation signifies that households may obtain an extra $440 per little one beneath 6, and $372 per little one aged 6 to 17, in comparison with the 2022–23 interval.
“For the 2023–24 profit 12 months, households most in want can obtain as much as $7,437 per little one beneath the age of 6 and $6,275 per little one aged 6 via 17,” the federal government said in a information launch issued by Employment and Social Development Canada. “This represents a rise of 6.3% from the earlier 12 months.”
What’s the CCB?
The Canada Little one Profit is a non-taxable month-to-month cost the CRA sends to eligible households with children beneath age 18. It’s meant to assist low-income and middle-income households cowl child-rearing bills. The CCB was launched in 2016, and it has been listed to inflation since 2018.
CCB funds could embrace the Child Disability Benefit (CDB), and a few provinces and territories provide further help (for instance, the Ontario Child Benefit, or OCB).
“The Canada Little one Profit is supposed to not directly assist cowl the prices of elevating a household for folks whose incomes are beneath the relevant thresholds,” says Jason Heath, Licensed Monetary Planner at Goal Monetary Companions Inc. in Toronto, and MoneySense columnist. “The extra children you have got, the upper your profit entitlement, and the upper the revenue means-testing restrict will likely be for you. Better of all, it’s a tax-free profit, so you don’t report the revenue in your tax return.”
How a lot is the Canada Little one Profit?
For the interval of July 2023 to June 2024, the utmost annual profit per little one beneath age 6 is $7,437 ($619.75 per thirty days), and the utmost annual profit for youngsters aged 6 to 17 is $6,275 ($522.91 per thirty days).
The full quantity you’ll get for CCB funds is dependent upon:
- The variety of eligible kids in your care
- Your kids’s ages (children beneath age 6 obtain the CCB young child supplement)
- Your adjusted family net income
- Whether or not your kids are eligible for the incapacity tax credit score (DTC) (for the interval of July 2023 to June 2024, households may obtain as much as $3,173 for every little one who’s eligible for the DTC)
In case your adjusted household web revenue in 2022 was beneath $34,863, you’ll get the utmost quantity for every little one. Above $34,863, CCB funds regularly lower with increased adjusted household web incomes. See pattern calculations on the CRA website, and use the CRA’s CCB calculator to determine how a lot you may obtain.
