The Canada Child Benefit is being raised.
That announcement was made on Thursday morning in Belleville at Family Space on Station Street.
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, announced 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.
Bay of Quinte MP Neil Ellis was on hand for the announcement and said there are “almost 20,000 children and teenagers aged 17 years and under residing in the Bay of Quinte area. An increase to the CCB is another important step towards ensuring that all our kids have the very best opportunity to succeed.”
Duclos said this increase means that Canadian parents will have more money in their pockets—up to $143 more tax-free per child.
More than 1.3 million families in Ontario received nearly $9 billion from the CCB in the 2017–18 benefit year.
Examples of the new indexation rates for the upcoming 2019–20 benefit year:
A single-parent family with one child aged under the age of 6 and earning $25,000 will receive an additional $143, bringing their new yearly total benefit to $6,639.
A two-parent family with two children aged 4 and 9 and earning $55,000 will receive an additional $354, bringing their new yearly total benefit to $9,017.
A two-parent family with two children under the age of 6 earning $90,000 will receive an additional $263 for the upcoming benefit year, bringing their new yearly total benefit to $7,090.
This change goes into effect immediately.