Helping hard-working families provide the best start in life for their children is a top priority for the Government of Canada. That’s why two years ago, the government launched the Canada Child Benefit (CCB) to help families with the high cost of raising kids.
The CCB – which is targeted to middle class families and those working hard to join it – is simpler, tax‑free and more generous than previous child benefit programs.
Today at the Chamber of Commerce Breakfast, Terry Sheehan, Member of Parliament for Sault Ste. Marie, announced that starting on July 20, 2018, the benefit will be raised to keep up with the cost of living. This change comes two years ahead of schedule, as was announced in the 2018 Federal Budget, and will give Canadian parents even more money each month to help them provide for their children.
Indexing the CCB sooner will ensure that it will continue to play a vital role in supporting Canadian families and reducing child poverty. This means that the CCB, for the 2018-19 benefit year, will now have a maximum annual benefit of $6,496 per child under age 6 and $5,481 per child age 6 through 17.
As an example, for a single parent with $35,000 of income with two children, the accelerated indexation of the CCB will contribute $560 towards the costs of raising his or her children, for the 2019-20 benefit year. For this parent, this means up to $12,992 in support every year.
Thanks to the CCB, 9 out of 10 Canadian families have more money. These families have received almost $2,300 more on average per year than under the programs the CCB replaced. Since July 2016, the CCB has given over $23 billion dollars each year to Canadian families to help pay for things like sports programs, music lessons and back-to-school clothes. And even more importantly, because of the CCB, more than half a million people—including 300,000 children—are being lifted out of poverty.