Key Takeaways
- The Canada Child Benefits (CCB) is a tax-free monthly payment for eligible families with children under 18 years of age.
- The CCB has increased by up to $1,200 per child for the 2023-2024 benefit year, starting from July 2023.
- To get the CCB, you need to file your tax returns every year, update your personal information with the CRA, and apply for the benefit if you are a new parent or have a new child in your care.
- The CCB may also include the child disability benefit and other related provincial and territorial benefits, depending on your situation and location.
- You can use the CCB to help with the cost of raising your children, such as food, clothing, education, and childcare.
Hello, Hustlers! If you are a parent or a caregiver of a child under 18 years of age, you may be eligible for the Canada child benefit (CCB). The CCB is a tax-free monthly payment that helps you with the cost of raising your children. And the good news is, the CCB has increased by up to $1,200 per child for the 2023-2024 benefit year, starting from July 2023. That means more money in your pocket every month to spend on your family’s needs.
But how do you get the CCB? And how much can you get? In this article, we will answer these questions and more, so you can make the most of this valuable benefit. We will also show you how HustleHub can help you file your taxes and manage your finances with ease and convenience.
What is the Canada child benefits?
The Canada child benefit (CCB) is administered by the Canada Revenue Agency (CRA). It is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age¹. The CCB may also include the child disability benefit and any related provincial and territorial programs, depending on your situation and location².
The CCB is calculated based on your adjusted family net income, the number and ages of your children, and your child’s eligibility for the disability tax credit. The CCB is paid on the 20th of every month, unless it falls on a weekend or a holiday, in which case it is paid on the next business day.
How much can you get from the CCB?
The amount of CCB you can get depends on various factors, such as your income, the number and ages of your children, and your child’s eligibility for the disability tax credit. The CCB is indexed to inflation, which means it increases every year to keep up with the rising cost of living.
For the 2023-2024 benefit year, the CCB has increased by up to $1,200 per child under the age of 6, and by up to $600 per child aged 6 to 17. This is in addition to the regular annual increase of the CCB. The table below shows the maximum annual CCB amounts for different age groups and income levels³.
| Age group | Income below $32,028 | Income between $32,028 and $69,395 | Income above $69,395 |
| Under 6 | $7,437 | $5,237 to $7,437 | $5,237 or less |
| 6 to 17 | $6,197 | $4,397 to $6,197 | $4,397 or less |
To estimate your CCB payments, you can use the child and family benefits online calculator provided by the CRA⁴. You just need to enter some basic information, such as your income, marital status, and number of children, and the calculator will show you how much CCB you can expect to receive.
How to get the CCB?
To get the CCB, you need to meet the following eligibility criteria:
- You must live with the child, and the child must be under 18 years of age.
- You must be primarily responsible for the care and upbringing of the child.
- You must be a resident of Canada for tax purposes.
- You or your spouse or common-law partner must be a Canadian citizen, a permanent resident, a protected person, a temporary resident who has lived in Canada for the previous 18 months, or an Indian within the meaning of the Indian Act.
If you meet these criteria, you need to do the following steps to get the CCB:
- File your tax returns every year, even if you have no income. This is how the CRA determines your eligibility and calculates your CCB payments. You should also file your spouse or common-law partner’s tax returns, if applicable.
- Update your personal information with the CRA, such as your address, marital status, banking information, and number of children in your care. This will ensure that you receive the correct amount of CCB and avoid any overpayments or underpayments.
- Apply for the CCB if you are a new parent or have a new child in your care. You can apply online using the Automated Benefits Application service, or by filling out Form RC66, Canada Child Benefits Application, and mailing it to your tax centre. You may also need to provide additional documents, such as proof of birth, proof of citizenship, or proof of residency.
How to use the CCB?
The CCB is meant to help you with the cost of raising your children, such as food, clothing, education, and childcare. You can use the CCB in any way that suits your family’s needs and preferences. However, here are some tips on how to use the CCB wisely:
- Budget your CCB payments. Plan ahead and allocate your CCB payments to cover your essential expenses, such as rent, utilities, groceries, and transportation. You can also use the CCB to pay off your debts, save for your children’s education, or invest for your retirement.
- Track your CCB payments. Keep track of how much CCB you receive and how you spend it. This will help you monitor your cash flow and adjust your budget accordingly. You can also use HustleHub to track your income and expenses, and get personalized insights and tips on how to improve your financial situation.
- Review your CCB payments. Check your CCB statements and notices from the CRA to make sure that you receive the correct amount of CCB and that your personal information is up to date. If you notice any errors or changes, contact the CRA as soon as possible to avoid any overpayments or underpayments.
How can HustleHub help you with the CCB?
HustleHub is your one-stop shop for all your financial needs. Whether you need to file your taxes, manage your money, or grow your wealth, HustleHub has you covered. Here are some of the benefits of using HustleHub:
- File your taxes online with ease and convenience. HustleHub helps you file your taxes online in minutes, with step-by-step guidance and expert support. You can also access your tax returns and notices of assessment anytime, anywhere. Plus, you can get your tax refund faster with direct deposit.
- Manage your money with confidence and clarity. HustleHub helps you manage your money with smart tools and features, such as budgeting, spending analysis, bill reminders, and goal setting. You can also link your bank accounts and credit cards to HustleHub, and see your financial picture in one place.
- Grow your wealth with simplicity and security. HustleHub helps you grow your wealth with low-cost and diversified investment options, such as ETFs, robo-advisors, and peer-to-peer lending. You can also learn more about investing with HustleHub’s educational resources and community.
HustleHub is more than just a website. It’s a lifestyle. It’s a way of living that empowers you to take control of your finances and achieve your goals. Join HustleHub today and start your journey to financial freedom.
Source: (1) Canada child benefit (CCB) – Canada.ca. https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview.html. (2) Canada Child Benefit – Canada.ca. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4114/canada-child-benefit.html.