Key Takeaway
In 2024, qualifying Canadian families can receive up to $7,437 annually per child under 6, and $6,275 annually per child aged 6-17, through the Canada Child Benefit (CCB).
Overview of Canada Child Benefit (CCB)
Hustlers, if you’re looking to maximize your Canada Child Benefit (CCB) payments in 2024, you’ve come to the right place. The CCB is a tax-free monthly payment from the Canadian government aimed at supporting families with children under 18. It’s based on factors such as your adjusted family net income (AFNI), the number of children you have, and their ages. Let’s break it down with HustleHub!
CCB Payment Amounts
The CCB payments are adjusted annually to reflect inflation. For the 2023-2024 payment period, the maximum annual benefit per child is as follows:
| Age Group | Maximum Annual Benefit | Maximum Monthly Payment |
|---|---|---|
| Under 6 years | $7,437 | $619.75 |
| 6 to 17 years | $6,275 | $522.91 |
These amounts are based on having an AFNI below $34,863. If your income exceeds this threshold, your benefit will decrease gradually.
How CCB Payments Are Calculated
The CCB payments are calculated using your AFNI from the previous tax year. Here’s a simple calculation method:
- Determine your AFNI.
- Subtract the threshold amount ($34,863).
- Apply the reduction rate (7% for AFNI up to $75,537, and an additional 3.2% beyond this amount).
For example, if your AFNI is $50,000: [ \$50,000 – \$34,863 = \$15,137 ] [ \$15,137 \times 7\% = \$1,059.59 ] [ \$7,437 – \$1,059.59 = \$6,377.41 ]
Thus, your annual CCB payment would be $6,377.41 for a child under 6 years old.
CCB Payment Dates for 2024
You can expect your CCB payments on the following dates in 2024:
| Month | Payment Date |
|---|---|
| January | January 19 |
| February | February 20 |
| March | March 20 |
| April | April 19 |
| May | May 17 |
| June | June 20 |
| July | July 19 |
| August | August 20 |
| September | September 20 |
| October | October 18 |
| November | November 20 |
| December | December 13 |
How to Keep Getting Your Payments
To ensure continuous CCB payments:
- File your tax return annually, even if you have no income.
- Update your information with the CRA if there are any changes in your family situation, such as a new address or change in custody arrangements.
Eligibility Requirements
To qualify for the CCB:
- You must live with a child under 18.
- You must be primarily responsible for the child’s care.
- You must be a Canadian resident for tax purposes.
- You or your spouse/common-law partner must meet the necessary residency or citizenship criteria.
How to Apply for the CCB
You can apply for the CCB in three ways:
- Through birth registration: Some provinces/territories allow you to apply for the CCB when registering your child’s birth.
- Online through CRA My Account: Use your CRA My Account to apply online.
- By mail: Complete form RC66 and mail it to your tax centre.
Other Child Benefits Combined with CCB
The CCB may include additional benefits such as the Child Disability Benefit for children with disabilities. Provincial and territorial programs may also provide additional support, either integrated with or separate from the CCB.
FAQs
How do I know if I am eligible for the CCB?
You are eligible if you live with a child under 18, are primarily responsible for their care, are a Canadian resident for tax purposes, and meet the residency or citizenship criteria.
How much CCB will I receive?Â
The amount depends on your AFNI and the number and age of your children. The maximum annual benefit is $7,437 for children under 6 and $6,275 for children aged 6-17.
When are CCB payments issued?Â
Payments are issued on the 20th of each month, or the next business day if the 20th falls on a weekend or holiday.
How can I apply for the CCB?
Apply through birth registration, online via CRA My Account, or by mail using form RC66.
How is the CCB calculated?
It’s based on your previous year’s AFNI, the number and age of your children, and your family situation.
What should I do to keep receiving CCB payments?
File your tax returns every year and update any changes in your family situation with the CRA.
Can I receive additional benefits with the CCB?
Yes, you may qualify for the Child Disability Benefit and other provincial/territorial benefits.
For more detailed information, visit Canada Child Benefit – Canada.ca.
This article provides comprehensive information to help you understand and maximize your Canada Child Benefit payments for 2024. If you have any more questions or need assistance, feel free to visit HustleHub.