Canada Child Benefit payments go out soon — here’s how much $ you can receive

Canada Child Benefit payments go out soon — here's how much $ you can receive © Provided by MTL Blog

As we enter a new month, Canadians are expected to receive payments from various Government of Canada benefits and credits, including the upcoming Child Canada Benefit (CCB) payment.

Administered by the Canada Revenue Agency (CRA), the CCB is a tax-free monthly payment made to eligible Canadian families to help with the cost of raising children under 18 years of age. The Canada Child Benefit may also include the child disability benefit and other related provincial and territorial programs, per the CRA.

Canada Child Benefit eligibility

The federal benefit will be paid out to eligible Canadians on April 19, 2024. To be eligible, you must live with and be primarily responsible for the care and upbringing of a child who is under the age of 18.

Furthermore, recipients of the CCB benefit must be a residents of Canada for tax purposes, or protected persons, temporary residents who have lived in Canada for the previous 18 months or are registered under the Indian Act, the CRA indicates.

How much you can get from the CCB

If you are eligible to receive the upcoming payment this April, you can receive up to $620 per month from the federal government. For families whose adjusted net income is below $34,863, you are eligible for the maximum amount for each child.

According to the Canada Revenue Agency, eligible residents can receive $7,437 per year ($619.75 per month) for each child under six. For kids ages six to 17 years old, eligible families can receive a payment of $6,275 per year ($522.91 per month).

These figures are reduced by 7% if your adjusted family net income is greater than $34,863 up to $75,537 and reduced by $2,847 plus 3.2% if your income is greater than $75,537.

The CRA also provides an online calculator in order to determine the specific amount relative to your situation.

When CCB payments are evaluated

Canada Child Benefit payments will be re-evaluated this upcoming July. For instance, payments from July 2023 to June 2024 are determined by your adjusted family net income from 2022, while payments from July 2022 to June 2023 are based on your adjusted family net income from 2021, according to the CRA.

How to receive your CCB payment

Payments are made via direct deposit and are automatically sent out as long as you file your annual income taxes. To continue receiving your Canada Child Benefit it is imperative to file your tax return punctually each year. If you have a spouse or common-law partner, they too must file their tax return promptly annually.

This requirement persists regardless of whether your income is tax-exempt or if you have no income at all. Failure to file your tax return annually will result in the cessation of your payments. Notably, your CCB payment remains non-taxable, meaning you won’t receive a slip and are not obligated to report it on your tax return.

This article’s cover image was used for illustrative purposes only.

Source: MTL Blog