This yr’s recalculation means families could receive a further $350 per child under 6 and $295 per child ages 6 to 17 in comparison with 2023-2024.
For the 2024–25 profit yr, the neediest families can receive as much as $7,787 per child under age 6 and $6,570 per child ages 6 to 17. Employment and Social Development Canada announced on July 18. This represents a rise of 4.7% over the previous yr.
What is the CCB?
The Canada Child Benefit is a tax-free monthly payment sent by the Canada Revenue Agency (CRA) to eligible families with children under the age of 18. It is designed to assist low- and middle-income families cover the prices of raising children. The CCB was introduced in 2016 and has been adjusted for inflation since 2018.
CCB payments may include: Child disability profit (CDB), and a few provinces and territories offer additional support (for instance, the Ontario Child Benefitor OCB).
“The Canada Child Benefit is intended to indirectly help cover the costs of raising children for parents whose incomes are below the applicable thresholds,” says Jason Heath, an authorized financial planner with Objective Financial Partners Inc. in Toronto and a columnist at MoneyDown. “The more children you have, the more you are entitled to the benefit and the higher the income threshold for the means test. And best of all, it’s a tax-free benefit, so you don’t have to report the income on your tax return.”
How much is the Canadian child profit?
For the period July 2024 to June 2025, the utmost annual profit per child under 6 years of age is $7,787 ($648.91 per thirty days) and the utmost annual profit for kids ages 6 to 17 is $6,570 ($547.50 per thirty days).
The total amount you receive for CCB payments relies on the next aspects:
- The variety of eligible children in your care
- The age of your kids (children under 6 years receive the CCB Supplement for Toddlers)
- Your adjusted net family income
- Whether your kids are eligible for the Disability Tax Credit (DTC) (for the period July 2024 to June 2025, families could receive as much as $3,322 for every child eligible for the DTC)
If your adjusted family net income was lower than $36,502 in 2023, you’ll receive the utmost amount for every child. Above $36,502, CCB payments steadily decrease with higher adjusted family net incomes. See example calculations on the CRA websiteand use the CRAs CCB calculator to learn the way much you possibly can get.
