Latest Canada Child Benefit payments roll out this week. How much?

Canadian parents are acceptable to person the latest kid benefits from the national authorities connected Friday.

October payments of the Canada Child Benefit (CCB) volition spell to eligible families who person children nether the property of 18 years residing successful Canada.

The CCB amounts were accrued successful July after a regular yearly recalculation based connected a family’s nett income from the erstwhile twelvemonth and inflation.

Recipients don’t person to wage immoderate taxation connected these monthly payments.

The CCB payments are calculated based connected the adjusted household nett income, arsenic reported successful the erstwhile year’s taxation return, the fig of children and their ages, according to the Canada Revenue Agency.

In October, parents could person a maximum outgo of $648.91 for each kid nether the property of six years. That is an yearly summation of 4.7 per cent comparative to 2023.

For each kid aged six to 17 years, the maximum CCB outgo volition beryllium $547.50, which is simply a 4.7 per cent summation from past year.

Families volition get the maximum magnitude for each kid if their adjusted household nett income is nether $36,502.

“The payments gradually commencement decreasing erstwhile the adjusted household nett income is implicit $36,502,” the CRA states connected its website.

Families whose full benefits for the twelvemonth are little than $240 would person received a lump sum magnitude successful July and truthful won’t beryllium getting thing this month.

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To beryllium eligible for the CCB payments, a idiosyncratic indispensable reside successful Canada with a kid who is nether the property of 18 years and indispensable beryllium their superior caregiver.

The CCB tin besides beryllium paid retired for a foster kid arsenic agelong arsenic the children’s peculiar allowances (CSA) are not payable successful a fixed month, the CRA says.

If parents stock custody of a child, past they each would get 50 per cent of the benefits.

The payments spell straight into slope accounts oregon cheques are mailed out.

The benefits volition apt beryllium well-received by Canadian families inactive strapped for currency even as inflation cools and interest rates start to inclination lower, according to caller Ipsos polling conducted exclusively for Global News.

The adjacent CCB payments volition spell retired connected Nov. 20 and Dec. 13.