The Canada Child Benefit (CCB) is an important financial aid program for Canadian families with children under 18. As 2024 approaches, there are notable changes to both eligibility and payment amounts that families should be aware of. Here’s a breakdown of what’s happening and how it could affect your family.
What is the Canada Child Benefit (CCB)?
The CCB was introduced in 2016, replacing the Universal Child Care Benefit (UCCB). Its primary goal is to help low- and middle-income families with the costs of raising children. The payments, which are tax-free, are made every month, usually on the 15th.
Current Changes to the CCB
Right now, families receive a higher benefit for children under 6 years old compared to children aged 6 to 17. Each year, the benefit amount rises by about 3% to adjust for inflation. For instance, families with younger children can expect their monthly payments to increase by around CAD 500.
Projected Changes for 2024
In 2024, several updates to the CCB will take effect:
Benefit Amounts
- Children Under 6 Years: Families will receive a monthly benefit of CAD 619.
- Children Aged 7 and Above: Families will get a monthly benefit of CAD 522.
Disability Benefit
- The disability benefit will increase to CAD 3,173 annually, with monthly payments of CAD 264.41.
Young Child Supplement
- Families with multiple children in foster care will receive additional financial support.
Income Threshold Adjustments
- Income limits for eligibility will be updated to reflect inflation and rising living costs.
Eligibility Criteria
To receive the CCB, both the child and the parent(s) must meet certain criteria:
For Children:
- Age: Must be under 18 years.
- Residency: Must be a permanent resident of Canada.
- Living Arrangements: The child must live with the applicant for more than six months a year.
For Parents:
- Residency: Must be permanent residents of Canada; immigrants need at least 18 months of residency.
- Tax Compliance: Both parents are required to file tax returns.
- Custody: If custody is shared, at least one parent must be a permanent citizen.
Shared Custody Rules
In cases where the child spends equal time with both parents, the benefit is divided equally. Additionally, single parents with children in foster care may receive extra support.
Payment Dates for 2024
The CCB payments are based on the previous year’s tax returns, with the following projected deposit dates for 2024:
- January: 19th
- February: 20th
- March: 20th
- April: 19th
- May: 20th
- June: 20th
- July: 19th
- August: 20th
- September: 20th
- October: 18th
- November: 19th
- December: 20th
If a national or bank holiday falls on a payment date, the deposit will be made on the next business day.
The Canada Child Benefit is essential for supporting Canadian families with the costs of raising children.
With the upcoming changes in 2024, including updated benefit amounts and revised eligibility criteria, it’s important to stay informed to ensure your family receives the maximum benefit.
1. What is the Canada Child Benefit (CCB)?
The CCB is a financial aid program for Canadian families with children under 18. It helps cover the costs of raising children and is paid monthly, tax-free.
2. What are the 2024 payment changes?
Starting in 2024, the monthly benefit will be CAD 619 for children under 6 and CAD 522 for children aged 7 and older. The disability benefit will also increase to CAD 3,173 annually.
3. Who is eligible for the CCB?
Children must be under 18 and permanent residents of Canada. Parents must also be permanent residents or citizens and file tax returns.
4. How are payments split in shared custody?
If a child spends equal time with both parents, the CCB is divided equally between them.
5. When will payments be made in 2024?
Payments are expected on the 19th or 20th of each month, with adjustments if holidays affect the schedule.
