Canada Child Benefit payments for May will be made earlier than usual

The Government of Canada has announced that the payment of the Canada Child Benefit for the month of May will be made on May 17 due to the Victoria Day holiday. The maximum annual amount is set at $7,437 for each child under the age of six and $6,275 for children between the ages of six and 17. These payments are adjusted by the annual Consumer Price Index to keep pace with the cost of living.
In July next year, the child tax rate will increase by 4.7%, bringing the maximum benefit to $7,787 for children under six and $6,570 for children between six and 17. These payments, which average about $650 a month for children under six and $550 for children between six and 17, are tax-free. To receive payments faster, please ensure that Direct Deposit is enabled in your My CRA account.


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