The federal government is expected to announce an increase in payments to families receiving the Canada child benefit when Finance Minister Bill Morneau gives an economic update Tuesday, officials tell CTV News.
The Liberals introduced the $22-billion Canada child benefit (CCB) program in July 2016. It gives families with children under the age of 18 a monthly payment, the amount of which is tied to income.
The CCB currently pays up to $6,400 per child under the age of six, and up to $5,400 per child for those aged six through 17. However, the amount of money begins to decrease once a family’s net income reaches $30,000.
The government has created an online calculator to help parents get an estimate of how much money they would be eligible to receive.
According to the calculator, a family with one child under the age of six and a net income of less than $30,000 would get a maximum tax-free benefit of $533 a month, or $6,400 a year.
A family with a net income of $90,000 with one child under the age of six would get a benefit of $262 a month, or $3,150 a year.
A family with a net income of $150,000 with one child under the age of six would get a tax-free benefit of $102 a month or $1,230 a year.
An extra $227 per month is added for each child who qualifies for a disability payment.
