Federal Update: Increase to the Canada Child Benefit:
The Prime Minister has announced that the Canada Child Benefit (CCB) will be increased once again in July, to help families keep up with the costs of living and raising their children.
This increase is in addition to the one-time special CCB payment announced by the Prime Minister earlier this month, to help families deal with the added pressures of COVID-19.
The increase will be in place for the 2020-21 benefit year, and will raise the maximum benefit to $6,765 per child under age 6, and $5,708 per child aged 6 through 17.
On May 20, 2020, this special measure will give families currently receiving the CCB an additional $300 per child with their May payment, and deliver almost $2 billion in extra support across the country to help families during this challenging period.
- The Government of Canada introduced the CCB in 2016.
- The CCB is a monthly payment made to eligible families to help them with the cost of raising children who are below 18 years of age.
- Examples of how payments will be impacted for the 2020-21:
- A single-parent family with one child under the age of 6 and earning $25,000 will receive an additional $126, bringing their new yearly total benefit to $6,765.
- A two-parent family with two children aged 4 and 9 and earning $55,000 will receive an additional $174, bringing their new yearly total benefit to $9,329.
- A two-parent family with two children under the age of 6 and earning $90,000 will receive an additional $136, bringing their new yearly total benefit to $7,322.
For more information, click here for the Government of Canada’s website.