The Canada Child Benefit Is Getting A Boost In 2022 & Eligible Families Can Get Almost $7,000
The increase is effective as of Wednesday.💰👇
Check your bank accounts, parents! The Canada Child Benefit (CCB) is getting a boost in 2022 and payments have gone up already.
In a video message shared on Wednesday, July 20, Justin Trudeau confirmed that CCB payments had increased effective "today."
It means eligible families across Canada will receive more money from the federal government to help with the cost of raising children under 18 years of age.
In the clip, Trudeau says the tax-free monthly payment is for things like food, after-school activities, clothing and "whatever your growing family needs."
He adds that the benefit has been able to support hundreds of thousands of kids across the country, after the feds "stopped sending child benefit checks to millionaires and focused on the people who really need that support."
The CCB is going up as planned to bring it in line with the cost of living in Canada, which continues to rise following the COVID-19 pandemic.
In June, when announcing the government's $8.9 billion Affordability Plan, officials confirmed that money had been put aside to adjust several benefits for inflation.
This included the CCB, as well as the Canada Workers Benefit, the GST Credit, OAS and more.
The exact amount each eligible family can get varies depending on a series of factors, including the number of children in their care, their age, their marital status and their adjusted family net income (AFNI).
Eligible people with an AFNI under $32,797 can get the maximum amount available for each child, which is $6,997 per year ($583.08 per month) for children under 6, and $5,903 per year ($491.91 per month) for children aged between 6 and 17.
The payments gradually start decreasing when a family's net income is over $32,797.
Payments are recalculated in July, so eligible people can expect their latest CCB payment to be higher than before.
To apply for the benefit, parents and primary caregivers can contact the CRA via mail or register via My Account online.
To qualify, applicants must be living with and caring for a child who is younger than 18 years old.
Per the eligibility criteria, they must also be a resident of Canada for tax purposes and they or their partner must be a Canadian citizen, a permanent resident, a protected person, an eligible temporary resident or an individual who is registered or entitled to be registered under the Indian Act.
It can take up to 11 weeks to receive initial payments, depending on the application date.