Federal government raises child allowance to nearly $7,000 due to inflation
Inflation drives 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 increase.
In a press release, the government said that for the 2022-23 benefit year, the most needy families can receive up to $6,997 per child under six and $5,903 per child aged 6. at 17 years old. paid in 2021.
“Canadian families are concerned about the rising costs associated with raising children, but they are not alone in this situation,” said Families, Children and Social Development Minister Karina Gould. “Through our new Affordability Plan, the continued indexation of the Canada Child Benefit, and our pan-Canadian 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 most.
The announcement came on the sixth anniversary of the policy – a cornerstone of the Liberal platform in place since 2016. The benefit has been indexed since 2018. The amount Canadians receive is based on net income family income reported on their previous year’s tax return. year.
The benefit is non-taxable. Payments are calculated each July. Families can apply on line to start receiving the benefit.