Canadian families receiving Canada Child Benefit program payments can expect more cash in their cheques this Friday.
Before, families received up to $7,437 for each child under six years old and up to $6,275 per child aged six through 17.
Now, families can expect to receive monthly payments of about $648.91 for children under six years old, for a total of $7,787 per year. Families with children between six and 17 could receive $547.50 per month, amounting to an annual total of $6,570.
If parents share custody of a child – meaning the child spends 40 to 60 per cent of their time living at each person's home – the Canada Revenue Agency (CRA) will give each caregiver 50 per cent of the payment.
The benefit program is geared toward low- and middle-income families struggling with the costs of raising a child. It was introduced in 2016 and is available to Canadian citizens, permanent residents or refugees who are primary caregivers for children under the age of 18.
The amount families receive from the non-taxable monthly payment is dependent on their net income for the previous year and how many children they have, with that total recalculated every July. The CRA also considers children's eligibility for the disability tax credit.
If a family receives a net income of more than $36,502, the payment decreases depending on the number of eligible children. Canadians can also use this online child and family benefits calculator to see what they may be able to receive.
In order to continue receiving the Canada Child Benefit each year, families must file their tax returns on time – even if they receive no income or their income is tax exempt. The federal government will cease paying caregivers who don't file their returns every year.
The next payment date is Aug. 20.
