With the increase in Canada Child Benefit, you may receive $7,000 per child, tax-free

Suji Sugathan
Jul 29, 2022
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Good news, Canadian parents: the government has announced that the Canada Child Benefit programme will soon receive an update, which could result in greater funding for you to raise your children.

Employment and Social Development Canada announced in a press release today that the maximum annual CCB amount will rise to help families deal with rising living expenses, particularly those brought on by the COVID-19 epidemic.

The news coincides with the CCB program's sixth anniversary. It was introduced in 2016 as a component of the federal Affordability Plan following the termination of the Canada Child Tax Benefit programme.

According to government documents, "families most in need may receive up to $6,997 each kid under the age of six and $5,903 for child between the ages of six and 17" for the 2022–23 benefit year.

 

This sum will be exempt from taxes and will change according to your income. Its purpose is to support low- to middle-income families with children.

Despite not being in this situation alone, Canadian families are concerned about the escalating costs of having children, according to Minister of Families, Children, and Social Development Karina Gould.

"We will continue to prioritise the needs of children and families and assist put money back in Canadians' pockets when they need it the most through our new Affordability Plan, the continuous indexation of the Canada Child Benefit, and our Canada-wide early learning and child care system."

Inflation in Canada has reached a record-breaking 8.1 percent, according to Statistics Canada, making it more difficult for families to manage their spending, particularly if they have children.

Take this criterion test to see if your family qualifies for the revised CCB.

 

  • Canada child benefit
  • Tax free
  • Canada Child benefit $7000

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