Canada Increased the Child Benefit Payments up to $7,437 for 2023-2024

Families residing in Canada and raising their children will get a boost in the Canada Child Benefit (CCB) starting July 20, 2023. The Canada Revenue Agency (CRA) will provide this increased support.

To keep up with rising costs, the income limits for the Canada Child Benefit in 2023-2024 have been modified. As a result, more families will be eligible for the highest monthly benefit available.

On July 20, a fresh payment will be issued, and many parents and caregivers will receive more substantial amounts than before. On July 20, a fresh payment will be issued, and numerous parents and caregivers will receive more substantial amounts than before.

To calculate your adjusted family net income (AFNI), follow these steps:

1. Add your net income (line 23600) from your tax return and your spouse’s or common-law partner’s net income from their tax return.
2. Subtract the income received from the Universal Child Care Benefit (UCCB) and Registered Disability Savings Plan (RDSP) from the total obtained in Step 1.

The resulting amount will be your adjusted family net income (AFNI), which is used to determine your eligibility and the amount you’ll receive for the Canada Child Benefit (CCB).

Canada Child Benefit (CCB) Payment Details for 2023-2024

For the payment period spanning from July 2023 to June 2024, a family with a net income of $34,863 in 2022 can receive a maximum tax-free benefit as follows:

1. For each child under the age of six, they can get up to $7,437 per year ($619.75 per month).
2. For each child aged six to 17, they can receive up to $6,275 per year ($529.91 per month).

However, if the family’s adjusted net income falls between $34,863 and $75,537, there will be a reduction in the payment for each child. The reduction is calculated at 7% of the amount that exceeds $34,863.        

Disclaimer: Be aware that the Canada Child Benefit (CCB) payment may vary depending on your household’s total number of children, your adjusted net family income, and any other benefits you may be receiving. It is advised to use the CRA calculator to get the most accurate estimate of your payout. This will enable you to obtain precise data catered to your particular scenario.

According to the CRA, the calculation for the Canada Child Benefit (CCB) is as follows:

1. Children under the age of 6: The yearly benefit for every child who is matching the requirements is $7,437, which is approximately $619.75 per month.
2. Children aged 6 to 17: The yearly benefit for every child who is matching the requirements is $6,275, which is approximately $522.91 per month.

The Canada Child Benefit (CCB) levels begin to progressively drop after the adjusted family net income (AFNI) hits $34,863. The following guidelines are used to calculate the reduction:

Families with just one kid who meets the eligibility requirements:

1. For families with adjusted family net income (AFNI) between $34,863 and $75,537, the CCB is decreased by 7% of the amount of AFNI which is more than $34,863.
2. For families with AFNI greater than $75,537, the reduction is $2,847 plus an additional 3.2% of the amount of AFNI that is more than $75,537.

Families with two kids who meet the eligibility requirements:

1. For families with adjusted family net income (AFNI) between $34,863 and $75,537, the CCB is decreased by 13.5% of the amount of AFNI which is more than $34,863.
2. For families with AFNI greater than $75,537, the reduction is $5,491 plus an additional 5.7% of the amount of AFNI that is more than $75,537.

Families with three kids who meet the eligibility requirements:

1. For families with adjusted family net income (AFNI) between $34,863 and $75,537, the CCB is decreased by 19% of the amount of AFNI that exceeds $34,863.
2. For families with AFNI greater than $75,537, the reduction is $7,728 plus an additional 8% of the amount of AFNI that exceeds $75,537.

Families with four or more kids who meet the eligibility requirements:

1. For families with adjusted family net income (AFNI) between $34,863 and $75,537, the CCB is decreased by 23% of the amount of AFNI that exceeds $34,863.
2. For families with AFNI greater than $75,537, the reduction is $9,355 plus an additional 9.5% of the amount of AFNI that exceeds $75,537.

CCB (Canada Child Benefit) Payment Schedule

The Canada Child Benefit (CCB) payment dates for the year 2023 are as follows:

1. July 20, 2023
2. August 18, 2023
3. September 20, 2023
4. October 20, 2023
5. November 20, 2023
6. December 13, 2023

Families eligible for the CCB will receive their payments on these specified dates. Please note that the CCB is intended to offer Canadian families financial assistance to help with the raising and well-being of their children.

Eligibility Criteria for Canada Child Benefit?

To be eligible for the Canada Child Benefit (CCB), you must meet the following criteria:

1. Reside in Canada and be considered a resident of Canada for tax purposes.
2. Have a child under the age of 18, for whom you are primarily responsible for care and upbringing.

One of the following requirements must apply to you, your spouse, or common-law partner:

1. Canadian citizen
2. Permanent resident of Canada
3. Protected person in Canada
4. A temporary resident who has resided in Canada for the preceding 18 months and holds a valid permit in the 19th month may be eligible for certain benefits. However, it’s important to note that individuals with permits explicitly stating “does not confer status” or “does not confer temporary resident status” may not be eligible for these benefits.
5. A person who has an Indian Act registration

Canada Child Benefit (CCB)

The Canada Revenue Agency (CRA) provides families with a tax-free monthly allowance known as the Canada Kid Benefit (CCB) to help them pay for the costs associated with raising their kids or children. The amount of the CCB payment depends on a variety of factors, including the child’s age, marital status, the number of eligible children, and the adjusted family net income (AFNI). The payout levels for qualified families are greatly influenced by these factors.