Every little bit helps. In today’s challenging financial world Canada Child Benefits helps families who are facing many financial challenges provide for their children’s needs and future.
The Government of Canada announced the new increases to the Canada Child Benefit (CCB) for 2024-25.
Below is an outline of the new Canada Child Benefits (CCB) families will receive starting July. Due to inflation, the Government of Canada has raised the annual CCB benefits by 6.3%.
How Much Will CCB Increase?
Starting July 2024, your Canada Child Benefit (CCB) payments will increase:
- Children under 6 years: You will receive $7,437 tax free annually until your child is 6, or $619.75 per month.
- Children aged 7 to 17 years, you will receive $6,275 annually or $522.91 per month.
In total the Government of Canada will give your family $121,804 tax free to help raise your child,
How Is The CCB calculated?
- $7,437 per year ($619.75 per month) for each eligible child under the age of 6
- $6,275 per year ($522.91 per month) for each eligible child aged 6 to 17
However, your Canada Child Benefit (CCB) amount will start being reduced as your Annual Net Family Income Increases.
When your adjusted family net income starts rising over $34,863.
The new CCB reduction is calculated as follows:
Families with one eligible child: Your Canada Child Benefit will be reduced 7% from the above amount when your family income is between $34,863 up to $75,537
When your ANFI is above $75,537 your Canada Child Benefit will be reduced by $2,847.
- For families with two eligible children: Your Canada Child Benefit (CCB) is reduced 13.5% of the amount of when family income is greater than $34,863 up to $75,537
- For families with income greater than $75,537, Your Canada Child Benefit (CCB) will be reduced $5,491 plus 5.7% of annual family income greater than $75,537
- For families with three eligible children: Your Canada Child Benefit (CCB) reduction will be 19% of the amount of annual family net income greater than $34,863 up to $75,537
- For family income greater than $75,537, your Canada Child Benefit will be reduced $7,728 plus 8% of the amount of annual family net income greater than $75,537
CCB Calculator
Like all Government programs, there are many rules and conditions and to help you, below is a link to a Canada Child Benefit (CCB) calculator.
To make it easier for you, please feel free to calculate your CCB go to;
What Are Canada Child Benefit Rules?
For more information on the Canada Child Benefit (CCB) from the Government of Canada go to;
Canada Child Benefit Government Website
To learn more about Canada Child Benefit and Who Qualifies, please go to our blog,
https://www.insuranceforchildren.ca/canada-child-benefit-who-is-eligible/
