Canadian parents are set to receive the latest child benefits from the federal government on Friday.
October payments of the Canada Child Benefit (CCB) will go to eligible families who have children under the age of 18 years residing in Canada.
The CCB amounts were increased in July after a routine annual recalculation based on a family’s net income from the previous year and inflation.
Recipients don’t have to pay any tax on these monthly payments.
The CCB payments are calculated based on the adjusted family net income, as reported in the previous year’s tax return, the number of children and their ages, according to the Canada Revenue Agency.
In October, parents could receive a maximum payment of $648.91 for each child under the age of six years. That is an annual increase of 4.7 per cent relative to 2023.
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For every child aged six to 17 years, the maximum CCB payment will be $547.50, which is a 4.7 per cent increase from last year.
Families will get the maximum amount for each child if their adjusted family net income is under $36,502.
“The payments gradually start decreasing when the adjusted family net income is over $36,502,” the CRA states on its website.
Families whose total benefits for the year are less than $240 would have received a lump sum amount in July and therefore won’t be getting anything this month.
To be eligible for the CCB payments, a person must reside in Canada with a child who is under the age of 18 years and must be their primary caregiver.
The CCB can also be paid out for a foster child as long as the children’s special allowances (CSA) are not payable in a given month, the CRA says.
If parents share custody of a child, then they each would get 50 per cent of the benefits.
The payments go directly into bank accounts or cheques are mailed out.
The benefits will likely be well-received by Canadian families still strapped for cash even as inflation cools and interest rates start to trend lower, according to recent Ipsos polling conducted exclusively for Global News.
The next CCB payments will go out on Nov. 20 and Dec. 13.
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