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Canada Child Benefit Increases Once Again To Keep Up With The Cost Of Living

KAWARTHA LAKES-Today, Ahmed Hussen, Minister of Families, Children and Social Development, announced that the maximum annual Canada Child Benefit will once again be increased to keep up with the rising cost of living. For the 2021–2022 benefit year, the maximum annual benefit will be $6,833 per child under age 6 and $5,765 per child aged 6 through 17.

“Every child deserves the best possible start in life. Today, we celebrate five years of providing more support for parents through the Canada Child Benefit. I have heard from so many Canadian parents how much it means to be able to rely on extra help every month, especially in these challenging times. The Government of Canada will continue to take action through initiatives like the CCB that put families and children first.” said Minister of Families, Children and Social Development, Ahmed Hussen

Additionally, in 2021, in recognition that many families could be struggling with a wide range of expenses during the COVID-19 pandemic, families entitled to the CCB are receiving additional temporary support of up to $1,200 for each child under the age of 6 through the CCB according to the federal government.

Minister Hussen also highlighted Budget 2021’s historic investment of up to $30 billion over five years and, combined with previous investments, $9.2 billion per year of ongoing funding to build a high-quality, affordable, flexible and inclusive early learning and child care system across Canada – because parents should not have to choose between working and taking care of their children. This investment will allow for an average fee of $10 a day by 2025–2026 for all regulated child care spaces, starting with a 50% reduction in average fees for regulated early learning and child care spaces by the end of 2022. These investments will create new opportunities for Canadian families and will enable parents, particularly mothers, to access jobs.

One of the Government of Canada’s top priorities is supporting families and children as we weather the COVID–19 pandemic and build back better.

“I am happy to be able to celebrate the positive impact the Canada Child Benefit has had on Canadian families for the past five years! We know that our country’s efforts toward recovery are ongoing, but, with benefits like the CCB and the Young Child Supplement, additional relief is at hand for families with young children as they seek to balance work, child care and family responsibilities and to recover a new normal for themselves and their children.” stated Minister of National Revenue, Diane Lebouthillier

Introduced in 2016, the CCB is a tax-free monthly payment based on income. It provides increased support to help with the cost of raising children under 18.

The CCB was indexed for the first time in July 2018. This indexation means that the maximum benefit amounts and income thresholds at which benefits begin to be reduced are increased annually to keep pace with the rising cost of living.

On top of their regular monthly CCB payments, families entitled to the CCB in January, April, July or October 2021 for a child under the age of 6 will also receive temporary support through the CCB Young Child Supplement (CCBYCS). Families with an income of less than $120,000 in 2019 and 2020 will receive up to $1,200 in tax-free payments for each eligible child. Families with an income of more than $120,000 in 2019 and 2020 will receive up to $600 in tax-free payments for each eligible child.

Families who have filed their 2019 and 2020 taxes and who already receive the CCB will not need to take any additional action to receive the 2021 CCBYCS.

 

Pamela Vanmeerhttps://www.kawartha411.ca/
Pamela VanMeer is a two time winner of the prestigious Radio Television Digital News Association (RTDNA) Award. Her investigative reports on abuse in Long Term Care Homes garnered international attention for the issue and won the Ron Laidlaw Award. She is a former reporter and anchor at CHEX News, now Global Peterborough and helped launch the New CHEX Daily, a daily half hour talk show. While at CHCH News in Hamilton she covered some of the biggest news stories of the day.

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