Parents who receive the Canada Child Benefit (CCB) will start to see an increase, with the indexed-to-inflation monthly payment getting its annual boost this month.
The CCB is recalculated every July based on the net family income for the previous year.
According to the federal government, this year it鈥檚 seeing a 6.3-per cent increase, meaning families can receive up to $7,437 per child under the age of six, and up to $6,275 per child aged six through 17.
Prime Minister Justin Trudeau touted the payment as a way his government is helping Canadian families tackle the cost of living, saying at a summer camp in Kingston, Ont. Thursday it鈥檚 been lifting children out of poverty since it was first implemented.
鈥淪even years ago we brought in the Canada Child Benefit,鈥� he said. 鈥淚t has impacted families from coast to coast to coast with hundreds of dollars tax free every single month to help with the high costs of raising kids.鈥�
According to the federal government, there were about 653,000 fewer children living in poverty in 2021 compared to when the Liberals came to power in 2015, and when the CCB came into effect in 2016, though there were slight increases during the COVID-19 pandemic.
And according to Statistics Canada鈥檚 2021 census data, poverty has declined among all ages, but especially so for children, declining to less than half of the 2015 levels for all age brackets under 18.
Canada鈥檚 inflation rate fell to 2.8 per cent in June after hitting a peak 8.1 per cent at this time last year, and Trudeau has lauded the CCB 鈥� along with the dental, grocery, and rental benefits 鈥� as an example of how the federal government is helping tackle the cost of living amid the record-setting inflation of the last year.
While this benefit boost was pre-planned, the federal Liberals continue to face criticism from the Conservative Party in particular for continued spending amid a time of high inflation.
Families, Children and Social Development Minister Karina Gould also sent out a statement marking the seven-year anniversary of the payment today.
鈥淭he Canada Child Benefit is one of the most important programs that our government has introduced,鈥� Gould wrote. 鈥淚t has helped Canadian families with the costs of raising children under 18 years of age, which is essential to their well-being and the growth of our economy.鈥�
The federal government provides an online calculation sheet to determine for how much each family is eligible, and the payment is administered through the Canada Revenue Agency.
