This year’s recalculation means that families could receive an additional $440 per child under 6, and $372 per child aged 6 to 17, compared to the 2022–23 period.
“For the 2023–24 benefit year, families most in need can receive up to $7,437 per child under the age of 6 and $6,275 per child aged 6 through 17,” the government stated in a news release issued by Employment and Social Development Canada. “This represents an increase of 6.3% from the previous year.”
What is the CCB?
The Canada Child Benefit is a non-taxable monthly payment the CRA sends to eligible families with kids under age 18. It’s intended to help low-income and middle-income families cover child-rearing expenses. The CCB was introduced in 2016, and it has been indexed to inflation since 2018.
“The Canada Child Benefit is meant to indirectly help cover the costs of raising a family for parents whose incomes are below the applicable thresholds,” says Jason Heath, Certified Financial Planner at Objective Financial Partners Inc. in Toronto, and MoneySense columnist. “The more kids you have, the higher your benefit entitlement, and the higher the income means-testing limit will be for you. Best of all, it is a tax-free benefit, so you do not report the income on your tax return.”
How much is the Canada Child Benefit?
For the period of July 2023 to June 2024, the maximum annual benefit per child under age 6 is $7,437 ($619.75 per month), and the maximum annual benefit for children aged 6 to 17 is $6,275 ($522.91 per month).
The total amount you’ll get for CCB payments depends on:
- The number of eligible children in your care
- Your children’s ages (kids under age 6 receive the CCB young child supplement)
- Your adjusted family net income
- Whether your children are eligible for the disability tax credit (DTC) (for the period of July 2023 to June 2024, families could receive up to $3,173 for each child who is eligible for the DTC)
If your adjusted family net income in 2022 was below $34,863, you will get the maximum amount for each child. Above $34,863, CCB payments gradually decrease with higher adjusted family net incomes. See sample calculations on the CRA website, and use the CRA’s CCB calculator to figure out how much you can receive.