Inflation is driving up the cost of just about everything these days.
For families feeling the pinch, the federal government has announced that the Canada Child Benefit will also be increasing.
In a news release, the government said that for the 2022-23 benefit year, families most in need can receive up to $6,997 per child under the age of six and $5,903 per child aged six through 17. That’s up from $6,833 and $5,765 per year paid out in 2021.
“Canadian families are worried about the rising costs associated with raising kids, but they are not in this alone,” said Minister of Families, Children and Social Development, Karina Gould. “Through our new Affordability Plan, the continued indexation of the Canada Child Benefit, and our Canada-wide early learning and child care system, we will continue to prioritize the needs of children and families, and help put money back in the pockets of Canadians when they need it the most.”
The announcement came on the sixth anniversary of the policy — a cornerstone of the Liberal’s platform in place since 2016. The benefit has been indexed since 2018. The amount Canadians receive is based on the adjusted family net income reported on their tax return from the previous year.
The benefit is tax-free. Payments are calculated every July. Families can apply online to begin receiving the benefit.