Increased child benefits go out Friday. Here’s what parents can expect

Canadian parents are group to person a top-up successful kid benefits connected Friday amid growing cost-of-living concerns.

July payments of nan Canada kid benefit (CCB) are recalculated annually based connected a family’s nett income and adjusted for inflation.

The tax-free monthly payments spell to eligible families who person children nether nan property of 18 years domiciled successful Canada.

Starting July 19, parents will person a maximum monthly costs of $648.91 for each kid nether nan property of six years. That is an yearly summation of 4.7 per cent compared to 2023.

For each kid aged six to 17 years, nan maximum CCB costs will beryllium $547.5 per month, amounting to an yearly costs of up to $6,570 – a 4.7 per cent summation from past year.

The payments are calculated based connected nan adjusted family nett income (AFNI), arsenic reported successful nan erstwhile year’s taxation return, nan number of children and their ages, according to nan Canada Revenue Agency.

Families will get nan maximum magnitude for each kid if their AFNI is nether $36,502.

“The payments gradually commencement decreasing erstwhile nan adjusted family nett income is complete $36,502,” CRA states connected its website.

The boosted benefits will apt beryllium well-received by Canadian families, who are emotion much stressed retired financially than 2 years ago, according to caller polling.

Higher market prices, ostentation broadly and housing costs are among nan cardinal financial concerns facing Canadians, surveys show.

Canada’s yearly ostentation complaint slowed to 2.7 per cent past month, Statistics Canada reported connected Tuesday. But nan gait of value hikes astatine nan market shop picked up for nan 2nd period successful a row, rising 2.1 per cent year-over-year.

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To beryllium eligible for nan CCB payments, a personification must reside successful Canada pinch a kid who is nether nan property of 18 years and must beryllium their superior caregiver.

CCB tin besides beryllium paid retired for a foster kid arsenic agelong arsenic nan children’s typical allowances (CSA) are not payable successful a fixed month, nan CRA says.

To get kid benefits, parents tin use successful 1 of 3 ways.

This tin beryllium done either done registering nan commencement of nan child, which usually happens astatine nan hospital.

If nan commencement registration isn’t done, different options are applying for nan CCB online done a CRA relationship aliases by mailing a form.

Benefits spell straight into slope accounts aliases cheques are mailed out.

Next month’s CCB costs will spell retired connected Aug. 20.

To thief families, nan national authorities has group a target of establishing $10-a-day kid attraction by 2025-26.

— pinch files from Global News’ Craig Lord.