Clients with children up to age 17 who receive the Canada Child Benefit (CCB) will see the benefit increase in July to reflect inflation.
The indexed CCB was increased in July 2018 and will likewise be raised on July 20, 2019, the government said today in a release. As stated in the federal budget released in March, CCB annual increases are about 1.7%.
For the 2019-20 benefit year, the maximum benefit will be $6,639 per child under age 6 and $5,602 per child aged 6 through 17, the release said, reflecting increases of $143 and $121, respectively.
Reductions to CCB start when adjusted family net income is over $30,450. Benefit calculations are provided on the CRA website.
The release included the following examples of the indexed benefit for 2019-2020:
- A single-parent family with one child under the age of 6 and earning $25,000 will receive the full increase of $143 for the year, bringing their new yearly total to the maximum benefit of $6,639.
- A two-parent family with two children aged 4 and 9 and earning $55,000 will receive an additional $354 for the year, bringing their yearly total to $9,017.
- A two-parent family with two children under age 6 and earning $90,000 will receive an additional $263 for the year, bringing their yearly total to $7,090.