Some cynics are dismissing the announcement of an increase in the Canada Child Benefit to be nothing short of an election ploy, regardless, few parents would refuse some free money. The federal government has announced they will be increasing the Canada child benefit program starting July 20, meaning families who qualify across the country will be receiving slightly larger payments.
The increase is being made to keep up with the rising cost of living. The new maximum yearly benefit will be $6,639 per child under the age of 6, and $5,602 per child aged 6 through 17. That means that families will be receiving between $12 and $30 more a month than they receive under the current system.
This move, while being unveiled now, was planned for in the 2018 federal budget.
The current CCB program began in 2016, providing families with a tax-free monthly payment to help with the cost of raising children under the age of 18. The change marks the second occasion the government has raised the child benefit since it launched. The last increase happened in July 2018 – two years ahead of the scheduled increase.
The payments vary from family to family, and are based on income, as well as the number of children.
Increasing payments will cost the government more than $24.3 billion. Nearly 3.7 million families receive the benefit, which the Liberals say have brought 278,000 children out of poverty as of 2017. -CINEWS