This yr’s recalculation signifies that households may obtain an extra $440 per baby below 6, and $372 per baby aged 6 to 17, in comparison with the 2022–23 interval.
“For the 2023–24 profit yr, households most in want can obtain as much as $7,437 per baby below the age of 6 and $6,275 per baby aged 6 by 17,” the federal government acknowledged in a information launch issued by Employment and Social Growth Canada. “This represents a rise of 6.3% from the earlier yr.”
What’s the CCB?
The Canada Baby Profit is a non-taxable month-to-month fee the CRA sends to eligible households with youngsters below age 18. It’s meant 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 embrace the Baby Incapacity Profit (CDB), and a few provinces and territories provide extra help (for instance, the Ontario Baby Profit, or OCB).
“The Canada Baby Profit is supposed to not directly assist cowl the prices of elevating a household for folks 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 youngsters you’ve, the upper your profit entitlement, and the upper the earnings means-testing restrict shall be for you. Better of all, it’s a tax-free profit, so you don’t report the earnings in your tax return.”
How a lot is the Canada Baby Profit?
For the interval of July 2023 to June 2024, the utmost annual profit per baby below age 6 is $7,437 ($619.75 monthly), and the utmost annual profit for kids aged 6 to 17 is $6,275 ($522.91 monthly).
The overall quantity you’ll get for CCB funds will depend on:
- The variety of eligible kids in your care
- Your kids’s ages (youngsters below age 6 obtain the CCB younger baby complement)
- Your adjusted household internet earnings
- Whether or not your kids are eligible for the incapacity tax credit score (DTC) (for the interval of July 2023 to June 2024, households may obtain as much as $3,173 for every baby who’s eligible for the DTC)
In case your adjusted household internet earnings in 2022 was beneath $34,863, you’ll get the utmost quantity for every baby. Above $34,863, CCB funds step by step lower with larger adjusted household internet incomes. See pattern calculations on the CRA web site, and use the CRA’s CCB calculator to determine how a lot you may obtain.
