The Canada Child Benefit (CCB) is a vital financial support program for families with children under 18 in Canada. As we get closer to 2024, there are significant changes expected in both eligibility criteria and benefit amounts. This article will break down what you need to know about these changes and how they could impact your family.
What is the Canada Child Benefit?
The CCB replaced the Universal Child Care Benefit (UCCB) in 2016. Its purpose is to provide financial aid to low- and middle-income families, helping cover the costs of raising children. Payments are made monthly, usually on the 15th, and are tax-free.
Current Changes
Right now, families receive more money for children under 6 years old compared to those aged 6 to 17. The benefit amount increases by 3% each year to keep up with inflation. For example, families can expect the monthly benefit for young children to rise by about $500.
Projected Changes for 2024
Several key updates are expected for 2024:
Benefit Amounts
- Children Under 6 Years: Monthly benefit of CAD 619.
- Children Aged 7 and Above: Monthly benefit of CAD 522.
Disability Benefit
- Increased to CAD 3,173 per year, with monthly payments of CAD 264.41.
Young Child Supplement
- Additional support for families with multiple children in foster care.
Income Threshold Adjustments
- Eligibility income limits will be updated to match inflation and cost-of-living increases.
Eligibility Criteria
For Children
- Age: Must be under 18 years.
- Residency: Must be a permanent resident of Canada.
- Living Arrangement: 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 must file tax returns.
- Custody: At least one parent must be a permanent citizen if custody is shared.
Shared Custody
- Equal Time Sharing: If a child splits time equally between parents, the benefit is divided equally.
- Additional Support: Single parents with children in foster care may receive extra support.
Payment Dates for 2024
Payments are based on the previous year’s tax returns. Here are the expected monthly deposit dates:
- January: 19th
- February: 20th
- March: 20th
- April: 19th
- May: 20th
- June: 20th
- July: 19th
- August: 20th
- September: 20th
- October: 18th
- November: 19th
- December: 20th
Note: Payments might be adjusted for national or bank holidays, with deposits made on the next business day.
The Canada Child Benefit is crucial for families across Canada, helping them manage the costs of raising children. With the changes coming in 2024, including updated benefit amounts and adjusted eligibility
criteria, it’s important for families to stay informed and plan accordingly. These updates aim to better support Canadian families and ensure that the CCB remains a valuable resource.
1. What is the Canada Child Benefit (CCB)?
The CCB is a monthly, tax-free payment from the Canadian government to help families with children under 18. It helps cover the costs of raising kids.
2. How much will the CCB increase in 2024?
For 2024, the monthly benefit will be CAD 619 for children under 6 years old and CAD 522 for children aged 7 and above.
3. What are the new eligibility criteria for the CCB?
To qualify, children must be under 18, permanent residents of Canada, and live with the applicant for more than six months a year. Parents must also be permanent residents and have filed their tax returns.
4. When will the CCB payments be made in 2024?
Payments are made monthly on the 15th of each month, but exact dates might change due to holidays. In 2024, payment dates include January 19th, February 20th, and so on.
5. How does shared custody affect the CCB benefit?
If a child splits time equally between parents, the benefit is divided equally between them. Single parents with children in foster care may get additional support.