The next Canada Child Benefit payment will be sent out on August 18th, 2023 – this Friday. The Canada Child Benefit (CCB) program provides financial support to parents in Canada to help with the costs of raising their child(ren).
Starting July 20, 2023, the CCB received an increase, resulting in higher payments for eligible parents. On top of that, the income thresholds have been readjusted this year in accordance with inflation.
This will enable even more families to benefit from the 2023-24 CCB payment, which is being administered by the CRA (Canada Revenue Agency).
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Increased Payments for 2023-24
Since July 20, 2023, eligible families have been receiving higher CCB payments.
- Children under six: Now receive up to $7,437 per year ($619.75 per month).
- Children aged six to 17: Can get up to $6,275 per year ($522.91 per month).
These payments are tax-free and aim to keep up with the cost of living.
Income Thresholds
Families with an adjusted family net income (AFNI) below $34,863 are eligible for the maximum benefit.
- As AFNI increases, the benefit amount gradually decreases.
- Adjusted income thresholds for the upcoming year may allow more families to qualify for maximum benefits.
How is the Canada Child Benefit Calculated?
The CCB payment is determined by the adjusted family net income (AFNI) reported on the previous year’s tax return.
Families with a lower AFNI may qualify for the maximum monthly benefit, while the payment gradually decreases as AFNI increases. Families will benefit from increased payments starting from July 20, 2023.
Gradual Reduction in Benefit Amount
The CCB amount gradually decreases as the adjusted family net income exceeds $34,863.
Families with an AFNI between $34,864 and $75,537 will experience a reduction in the benefit amount.
The reduction percentage and calculation vary based on the number of eligible children and income range.
For more clarity about how Canada Child Benefit (CCB) payments decrease, see the table below:
| Adjusted Family Net Income (AFNI) in 2022 | CCB for 1 Child Aged <6 | CCB for 1 Child Aged 6-17 |
|---|---|---|
| Less than $34,863 | $7,437 per year ($619.75 per month) | $6,275 per year ($529.91 per month) |
| $34,864 to $75,537 | $7,436.93 to $4,589.82 per year ($619.74 to $382 per month) | $6,274.93 to $3,427.82 per year |
| Greater than $75,537 | $7,436.93 – ($2,847 + 3.2% of your income greater than $75,537) | $6,274.93 – ($2,847 + 3.2% of your income greater than $75,537) |
As per CRA, the CCB is calculated as follows:
| No. of Eligible Children | AFNI Range: $34,863 – $75,537 | AFNI Range: > $75,537 |
|---|---|---|
| 1 | $2,847 + 3.2% of AFNI | 17% of AFNI |
| 2 | $5,491 + 5.7% of AFNI | 21.5% of AFNI |
| 3 | $7,728 + 8% of AFNI | 28.5% of AFNI |
| 4 or more | $9,355 + 9.5% of AFNI | 32.3% of AFNI |
Canada Child Benefit calculator
If you are little confused about how much money you might get from the Canada Child Benefit (CCB)? Don’t worry.
The government has an online CCB calculator that can help you figure out if you qualify for the benefit and how much money you could receive.
Newcomers to Canada or individuals with newborns can check their eligibility and apply for the CCB online through the CRA website.
Payment Dates for 2023
The Canada Child Benefit payments are made on specific dates throughout the year. For 2023, the payment dates are as follows:
- July 20, 2023
- August 18, 2023 (Upcoming Payment)
- September 20, 2023
- October 20, 2023
- November 20, 2023
- December 13, 2023
More details are available here.
What is the Canada Child Benefit (CCB)?
The CCB is a tax-free monthly payment offered by the Canada Revenue Agency (CRA) to help families cover the expenses associated with raising children.
It is an essential program designed to support parents and caregivers across Canada.
Eligibility for the Canada Child Benefit
To be eligible for the CCB, you need to meet the following criteria:
Residency: You must be a resident of Canada.
Guardianship: You should be primarily responsible for the care and upbringing of a child under the age of 18.
Citizenship or Immigration Status: You must be one of the following:
- A Canadian citizen
- A permanent resident
- A protected person
- A temporary resident with at least 18 months of residency in Canada and a valid permit in the 19th month (except for permits that state “does not confer status” or “does not confer temporary resident status“).
- Registered or entitled to be registered under the Indian Act.
For further information and to check eligibility, visit the Canada Revenue Agency (CRA) website or contact them directly.
