The Canada Child Benefit (CCB) is a significant financial support program for families with children under 18 in Canada. As we enter the 2024 fiscal year, there are important changes to the eligibility criteria and benefit amounts. This article covers the current and upcoming changes to help families understand what to expect.
Current Changes
Right now, the CCB program gives more money to children under 6 years old than to those between 6 and 17 years. There is an annual increase of 3% to help with inflation and the rising cost of living. This means families get a bit more each year. For example, the monthly benefit for young children is increasing by around $500.
Projected Changes for 2024
For 2024, several key changes are expected:
Benefit Amounts:
Money for families: The amount of money families get from the government each month will change. Children under 6 will get $619, and children 7 and older will get $522.
Disability benefit: If you have a disability, the amount you get from the government will go up to $3,173 per year, which is $264.41 each month.
Help for foster families: There will be extra money available for families who are taking care of multiple young children in foster care.
Income limits: The rules about how much money you can make to qualify for these benefits will change slightly to account for inflation, which means the cost of living has gone up.
Eligibility Criteria
For Children:
- Age: Must be under 18 years.
- Residency: Must be permanent residents 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 need to be up-to-date on their taxes
- Custody: At least one parent must be a permanent resident if sharing custody.
Shared Custody:
- Equal Time Sharing: If the child spends equal time with both parents, the benefit is split equally.
- Additional Support: Single parents in foster care situations may get extra support under the Young Child Supplement.
Payment Dates for 2024
Based on last year’s tax returns, families will get the benefit as follows:
Annual Amounts:
- Children under 6 years: Up to CAD 7,437 annually.
- Children 7 years and older: Up to CAD 6,275 annually.
Monthly Deposit Dates:
| Month | Date |
| 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: If the payment date falls on a holiday, the deposit will be made on the next business day.
Summary
The Canada Child Benefit is essential for families across Canada. As we approach 2024, knowing the changes in benefit amounts and eligibility criteria is important for budgeting. The increases and adjustments ensure the CCB meets the needs of Canadian families, helping to cover the costs of raising children.
FAQs
Q: When will I get the higher CCB amount?
A: You’ll start getting the new amount in January 2024.
Q: How much money will I get each month for a child under 6 in 2024?
A: You’ll get $619 each month for a child under 6 years old.
Q: Do I have to pay taxes on the CCB money?
A: No, the CCB payments are tax-free!
Q: What if my child lives with both mom and dad?
A: If your child spends equal time with both parents, the CCB benefit will be split in half between you.
Q: Where can I learn more about the CCB changes?
A: Check the websites of the Canada Revenue Agency or the Canadian government for all the details.
This article aims to provide clear and simple information about the Canada Child Benefit changes for 2024.