This year's recalculation means families could get an extra $350 for each child under 6, and $295 for each child aged six to 17, compared to 2023–24.
In the 2024–25 benefit year, needy families can receive up to $7,787 for each child under 6 and $6,570 for each child aged 6 to 17, Employment and Social Development Canada announced on July 18. representing a 4.7% increase over the previous year.
What is CCB?
The Canada Child Benefit is a tax-free monthly payment that the CRA sends to eligible families with children under the age of 18. It is intended to help low-income and low-income families pay for the cost of raising children. The CCB was introduced in 2016, and has been indexed to inflation since 2018.
CCB payments can include the Child Disability Benefit (CDB), and some provinces and territories offer additional benefits (for example, the Ontario Child Benefit, or OCB).
“The Canada Child Benefit is intended to help indirectly cover the cost of raising a family for parents who earn less than the appropriate amount,” said Jason Heath, Certified Financial Planner at Objective Financial Partners Inc. in Toronto, and a columnist for the MoneySense blog. “The more children you have, the higher your benefit entitlement will be, and the higher the test limit will be for you. Best of all, it's a tax-free benefit, so you don't report the income on your tax return.”
How much is Canada Child Benefit?
For the period July 2024 to June 2025, the maximum annual benefit for each child under the age of 6 is $7,787 ($648.91 per month), and the maximum annual benefit for children aged 6 to 17 is $6,570 ($547.50 per month).
The total amount you will receive from CCB payments depends on:
- The number of eligible children you care for
- Your children's ages (children under 6 receive the CCB supplement for a young child)
- Your family's adjusted income
- Whether your children are eligible for the disability tax credit (DTC) (for the period July 2024 to June 2025, families can receive up to $3,322 per DTC-eligible child)
If your family's adjusted income in 2023 was less than $36,502, you will receive the maximum amount for each child. Above $36,502, CCB payments decrease gradually with higher adjusted family incomes. See sample figures on the CRA website, and use the CRA's CCB calculator to find out how much you can get.
Source link
