The federal government will increase the Canada Child Benefit (CCB) two years ahead of schedule, giving parents more money each month to help them provide for their kids.
This means that for the 2018–19 benefit year, the CCB will have a maximum annual benefit of $6,496 per child under age six and $5,481 per child age six through 17 years. On average, families benefitting from the CCB received $4,600 more over the last two years compared with 2015–16, the government reported.
How could the accelerated indexation of the CCB impact your family? A single parent of two children earning $35,000 a year will receive nearly $600 towards the increasing costs of raising his/her children for the 2019-20 benefit year.
The CCB – launched two years ago – is simpler, tax free and more generous than previous child benefit programs, the government says. CCB payments worth over $23.3 billion benefit nearly 3.7 million Canadian families. The government credits the CCB with helping lift more than half a million people – including nearly 300,000 children – out of poverty.