The last Canada Child Benefit payment is due next week before it increases to 2024

The Canada Child Benefit (CCB) will increase and be credited to accounts on June 20

Last CCB payment at current rate before next month's increase

On June 20, 2024, the last round of Canada Child Benefit (CCB) payments will be made to eligible accounts across the country at the current rate. These payments are offered as part of the Government of Canada's ongoing commitment to support families with child care subsidies amid rising costs of living.

CCB increase from July 2024

However, this will be the last CCB payment at the current rate. From July 2024, the CCB will increase significantly. The maximum annual allowance will increase to $7,787 for each child under 6 and $6,570 for each child aged 6 to 17. These increases are $350 and $295 more than current rates, respectively.

Increase based on consumer price index (CPI)

These increases are based on the Consumer Price Index (CPI), which reflects the increase in the cost of living in Canada. The Government of Canada is committed to regulating the CCB in a way that protects households' purchasing power from rising costs.

Tax-free monthly payments

CCB is paid monthly to eligible families with children under the age of 18. These benefits are tax-free and are paid directly to the parent's account. The payment amount is determined based on the age of the children and the income of the family.

The impact of CCB on families

CCB plays an important role in supporting Canadian families in providing for their children. These benefits are especially helpful for low-income families and can help cover expenses such as food, clothing, and housing.

The CCB increase in 2024 is good news for Canadian families and will help them cope with the rising cost of living.

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