Boost to Canada Child Benefit comes into effect
Published Friday, July 20, 2018 10:30AM EDT
Last Updated Friday, July 20, 2018 1:51PM EDT
If you are eligible for the Canada Child Benefit program, your monthly payment could soon be increasing.
Effective Friday, the federal tax break is being indexed to inflation, which means an increase to keep up with the growing cost of living.
The federal government announced in the fall its plan to annually boost its marquee program two years earlier than initially planned.
The maximum annual amount per child children under age 6 is increasing to $6,496, from $6,400.
The maximum annual amount per child children aged 6 through 17 is increasing to $5,481, from $5,400.
The amount parents receive is calculated based on annual income, with low-income households receiving the most amount of money. The income brackets for eligibility are also changing.
Now, households with an annual income of $30,450 or less are eligible for the largest annual amount, and the second income threshold begins at $65,975.
According to the federal government, over $23.3 billion has been distributed to 3.7 million families since coming into effect.
To calculate the amount of benefit you may be eligible for, click here.