A slew of Government of Canada benefits and credits have been sent out this May, with the Canada Child Benefit (CCB) coming up next. The CCB is expected to be sent out this week and eligible Canadians could receive hundreds of dollars.
Due to the Victoria Day holiday this month, the Canada Child Benefit will be going out sooner than expected, so those who routinely receive the benefit, should check their bank accounts a few days earlier for the direct deposit.
Here's everything you need to know about the Canada Child Benefit, when it pays out this month and how much you can receive.
What is the Canada Child Benefit?
Administered by the Canada Revenue Agency, the CCB is a tax-free monthly payment made to eligible Canadian families to help with the cost of raising children under 18 years of age. The Canada Child Benefit may also include the child disability benefit and other related provincial and territorial programs, per the CRA.
Note that as of November 20, 2023, all individuals will be required to provide proof of birth when applying for the CCB.
Who is eligible for the Canada Child Benefit?
To qualify for the Canada Child Benefit, several conditions must be met. Firstly, you must reside with a child under 18 years old and be primarily responsible for their care and upbringing.
Additionally, you need to be a resident of Canada for tax purposes, with either yourself, your spouse, or common-law partner being a Canadian citizen, permanent resident, protected person, temporary resident meeting specific criteria, or an individual eligible under the Indian Act.
It's important to note that the CCB cannot be received for a foster child during months when Children's Special Allowances (CSA) are payable. However, you may still qualify for the CCB if you're caring for a child under a kinship or close relationship program supported by the Canadian government, a province, territory, or Indigenous governing body, provided CSA isn't payable for that child.
How much can I receive through the Canada Child Benefit?
If you qualify for the upcoming May payment, you could receive up to $620 monthly from the federal government. Families with an adjusted net income below $34,863 are eligible for the maximum amount per child.
As per the Canada Revenue Agency, eligible residents can receive $7,437 annually ($619.75 monthly) for each child under six, and $6,275 annually ($522.91 monthly) for children aged six to 17.
These amounts decrease by 7% for adjusted family net incomes between $34,863 and $75,537 and by $2,847 plus 3.2% for incomes exceeding $75,537.
The CRA offers an online calculator to help determine the specific amount based on your circumstances. The CRA also provides an online calculator to determine the specific amount relative to your situation.
When are the Canada Child Benefit payment dates?
Typically, the Canada Child Benefit goes out on the 20th of every month. However, dates can change if a payment falls on a weekend or a national holiday. For the upcoming May payment, which falls on Victoria Day, the CCB payments will be sent out earlier.
According to the Canada Revenue Agency, Canadians can expect the next Canada Child Benefit payment on May 17, 2024.
This article's cover image was used for illustrative purposes only.
