The Canadian child benefit is a crucial part of social security, offering financial support to families. In 2024, the benefit amount has increased by $264.41 to help offset inflation and the cost of living. Here’s everything you need to know about claiming this increased benefit.
Child Benefit
The Canadian Child Benefit (CCB) is a monthly payment provided by the Canada Revenue Agency (CRA) to help families with child-related expenses. Managed by the CRA and the treasury department, this program aims to support the welfare of children across Canada.
Payment Details
For children under six, the monthly benefit is $171.75. For children six years and older, the payment is $295. With the latest increase due to the Cost of Living Adjustment (COLA), these amounts will be supplemented by an additional $264.41, effective in the coming months.
Child Disability Benefit
Families with a disabled child receive extra support through the Child Disability Benefit. This supplementary aid amounts to $1,127 monthly. The increase of $264.41 also applies to this benefit, providing much-needed financial relief to these families.
Benefit Overview
| Benefit Plan | Initial Amount | Updated Amount |
|---|---|---|
| Child Benefit Plan (below 6 years) | $171.75 | $171.75 + $264.41 |
| Child Benefit Plan (6 years and above) | $295 | $295 + $264.41 |
| Child Disability Plan | $1,127 | $1,127 + $264.41 |
The increase varies based on family contributions to tax credits and net income. Additionally, provincial support might add to the child support benefit, and scholar applicants may receive financial aid for institutional fees.
Other Benefits
Children under custody arrangements, either single custody or shared, will see their benefits increased. If parents share custody, each will receive half of the benefit. Additionally, children eligible for the survival benefit under the CCB will also receive the payment boost.
Claiming the Benefit
To claim the increased child benefit in 2024, follow these steps:
- File Tax Credits: Ensure the previous year’s tax credits are filed.
- No Pending Returns: Make sure there are no pending tax returns.
- Update Information: Verify that all information is updated on the CRA’s “My Account” portal.
- Insurance Number: The provided insurance number during registration is required for deposit.
- Monthly Paychecks: If you already receive monthly paychecks from the CRA, you are eligible for the updated amount.
Guardians can check the status of their deposits through the CRA’s official portal or the “My Account.” For convenience, the CRA offers status updates via WhatsApp and phone calls.
Importance of Updates
Regularly updating your information with the CRA is crucial to avoid overpayments or underpayments. Any changes in living situations, custody arrangements, or income should be promptly reported. This ensures you receive the correct benefit amount and avoid repayment obligations for overpayments.
The increased child benefit is a significant boost for Canadian families, helping them cope with the rising cost of living and providing better financial security.
FAQs
What is the new child benefit amount?
An additional $264.41 has been added to the existing benefits.
How can I check my benefit status?
Through the CRA’s “My Account” portal or by contacting the CRA via WhatsApp or phone.
When will the increased payments start?
The increased amounts will be reflected in the next month’s paycheck.
Who manages the child benefit?
The Canada Revenue Agency (CRA) and the treasury department.
How do I claim the child benefit?
File previous year’s tax credits, update information on “My Account,” and ensure no pending tax returns.
