This yr’s recalculation signifies that households might obtain a further $350 per little one underneath 6, and $295 per little one aged 6 to 17, in comparison with the 2023–24 interval.
For the 2024–25 profit yr, households most in want can obtain as much as $7,787 per little one underneath the age of 6 and $6,570 per little one aged 6 by way of 17, Employment and Social Growth Canada introduced July 18. This represents a rise of 4.7% from the earlier yr.
What’s the CCB?
The Canada Youngster Profit is a non-taxable month-to-month cost the CRA sends to eligible households with children underneath age 18. It’s supposed to assist low-income and middle-income households cowl child-rearing bills. The CCB was launched in 2016, and it has been listed to inflation since 2018.
CCB funds could embody the Youngster Incapacity Profit (CDB), and a few provinces and territories provide extra help (for instance, the Ontario Youngster Profit, or OCB).
“The Canada Youngster Profit is supposed to not directly assist cowl the prices of elevating a household for fogeys whose incomes are beneath the relevant thresholds,” says Jason Heath, Licensed Monetary Planner at Goal Monetary Companions Inc. in Toronto, and MoneySense columnist. “The extra children you may have, the upper your profit entitlement, and the upper the revenue means-testing restrict might be for you. Better of all, it’s a tax-free profit, so you don’t report the revenue in your tax return.”
How a lot is the Canada Youngster Profit?
For the interval of July 2024 to June 2025, the utmost annual profit per little one underneath age 6 is $7,787 ($648.91 per 30 days), and the utmost annual profit for kids aged 6 to 17 is $6,570 ($547.50 per 30 days).
The whole quantity you’ll get for CCB funds depends upon:
- The variety of eligible kids in your care
- Your kids’s ages (children underneath age 6 obtain the CCB younger little one complement)
- Your adjusted household web revenue
- Whether or not your kids are eligible for the incapacity tax credit score (DTC) (for the interval of July 2024 to June 2025, households might obtain as much as $3,322 for every little one who’s eligible for the DTC)
In case your adjusted household web revenue in 2023 was beneath $36,502, you’ll get the utmost quantity for every little one. Above $36,502, CCB funds regularly lower with increased adjusted household web incomes. See pattern calculations on the CRA web site, and use the CRA’s CCB calculator to determine how a lot you’ll be able to obtain.