Canadian parents who are eligible to receive child tax payments can expect money to hit their account earlier than usual this October.
With the new benefit year beginning in July, the Canada Child Benefit (CCB) has increased, giving Canadians a small but much-needed child tax boost to support their kids.
The payment typically goes out on the 20th day of the month unless there’s a holiday or weekend. This month, the 20th falls on a Sunday, meaning payments will be issued on Friday, October 18.
How much money you’ll get
Since 2018, the government has indexed CCB amounts to better support parents as the cost of living changes.
“This indexation means that the maximum benefit amounts and income thresholds at which benefits begin to be reduced are increased annually to keep pace with the rising cost of living, giving parents more support each month to help them provide for their children,” an Employment and Social Development Canada (ESDC) spokesperson explained in an email to Daily Hive.
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“Both the maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI).”
Last year, the government increased the maximum annual Canada Child Benefit payment per kid under six to $7,437.
The amount per child aged six through 17 also increased from $5,903 to $6,275 — an extra $372 a year.
Child tax payments have now increased by 4.7%. This means the maximum benefit for a child under six has increased by $350, from $7,437 to $7,787. For kids aged six to 17, it’s increased by $295, from $6,275 to $6,570.
This amount is tax-free, too.
Take the criteria test here to determine if your family is eligible for the updated CCB.
If you’re eligible, here are the dates you can expect to receive the child tax payment in 2024.