The Canadian government is giving families a helping hand! They’re increasing the Canada Child Benefit (CCB) for 2024 to help you cope with rising costs. This article explains everything you need to know about the changes and how to get the money you deserve for raising your children.
Why is the CCB changing?
The main reason is inflation. Prices for everyday things are going up, making it tougher for families to make ends meet. The increased CCB payments are meant to give you a financial boost so you can keep providing for your children.
Here are some other benefits of the CCB changes:
- Reduced child poverty: More money for low-income families means their children have a better chance of thriving.
- Improved quality of life: The extra money can help with things like education, childcare, and healthy food.
- Tax-free benefit: You get to keep the full amount without any deductions!
- Additional support for children with disabilities: The CCB recognizes that these children may have extra needs.
How much more money will I get?
The amount you receive depends on your child’s age. Here’s a breakdown of the new rates for 2024:
- Children under 6 years old: You’ll get $7,437 per year, which is $619.75 each month.
- Children aged 7 to 17 years old: You’ll receive $6,275 per year, or $522.91 per month.
These increases are significant and can make a real difference in your family’s budget.
When will I get the money?
The CCB is paid monthly, typically on the 20th of each month. The new payment amounts will start in July 2024.
How do I know if I’m eligible?
To qualify for the CCB, you must:
- Have a child under 18 years old.
- Be a Canadian citizen or permanent resident.
- Live with the child you’re applying for.
How do I apply?
If you’re already receiving the CCB, you don’t need to reapply. The increased amounts will be automatically deposited into your account.
If you’re new to the program, you can apply online through your My Account on the Canada Revenue Agency (CRA) website. Here’s a quick guide:
- Sign in to your My Account.
- Go to the “Benefits and credits” section.
- Choose “Canada Child Benefit”.
- Fill out the application form with your child’s information and required documents.
- Review everything and submit the application.
- You can also apply by mail using Form RC66, which you can get from the CRA website.
Key takeaways
- The CCB is increasing for 2024 to help families with rising costs.
- You can get up to $7,437 per year for children under 6 and $6,275 for children aged 7 to 17.
- The payments are tax-free and come in monthly installments.
- Check your eligibility and apply online through your CRA My Account or by mail.
By taking advantage of the CCB, you can ensure your family has the financial support they need to thrive. Remember, the deadline to apply is anytime, but to get the increased benefits for 2024, your application needs to be processed before July.