Canada Child Benefit increasing
If your family receives the Canada Child Benefit, your cheque might get a little bigger.
The benefit is tied to inflation, and in June, that increased to 8.1 per cent.
Related story: Gas prices behind 8.1 per cent inflationary increase in June
The Canada Child Benefit is a key part of Ottawa’s Affordability Plan to help Canadians cope with the rising cost of goods and services. Finance Minister Chrystia Freeland introduced the $8.9-billion plan in June. Other measures include enhancing the Canada Workers’ Benefit and the Old Age Security Benefit.
Some parts of the plan had already been announced, including dental coverage for those earning less than $90,000 and $10 a day childcare.
Marking the sixth anniversary of the Canada Child Benefit, Minister of Families, Children and Social Development Karina Gould said it will increase 2.4 per cent for families with a net annual income of $32,797.
For those families, the yearly amount will increase to $6,997 per child under six and $5,903 per child, six through 17-years.
The amount Canadian families receive is based on their annual net income reported on their tax returns from the previous year.
Introduced in 2016, the government indexed the Canada Child Benefit 2018. Over the past six years, it has played a key role in the government’s efforts to cut child poverty rates in half by 2030.