Canada Child Benefit to Rise up to $200 in 2018

Finance Minister Bill Morneau announces last fall that there will be an increase in Canada Child Benefit (CCB) in 2018. He said that an average Canadian family with two children will see approximately $200 more in CCB payments next year and about $500 more in 2019. The Liberal government promised that the CCB payments will be adjusted as the cost of living increases.

Starting in July 2018, Canadian families are going to receive more money from the federal government, with an increase in the Canada Child Benefit. An example computation will be a family currently receiving the maximum amount of $6,400 for a child under six years old will get that rise to $6,496 in 2018 and to $6,626 by 2019-2020.

“We want to do a little bit more for middle-class families through the Canada Child Benefit, just to make sure that it keeps up with inflation.  That is really important to us.  By increasing the tax credit for the individuals and families that are at that low-income level,  it will have a real impact on them and they are going to put that money back into the economy.  So it’s really doubling down on a strategy that has worked,”  Morneau says.

As of now, Liberal Canada Child Benefit gives eligible families with children younger than six years old a benefit of $6,400 annually per child, while those with children between six and 17 years old have been eligible for up to $5,400 annually. Those maximum payments are reserved for households earning $30,000 per year or less, with benefits decreasing as household income increases.

Source:

GlobalNews

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