The Minister of Families, Children and Social Development, Karina Gould, said the increase comes following the rising living costs, and the incentive will help families “cope.”
Families can receive up to $6,997 per child under the age of six and $5,903 per child aged six through 17.
According to the government, the amount Canadians receive depends on the adjusted family net income reported on their tax return from the previous year.
As a vital part of Canada’s Affordability Plan, the Canada Child Benefit was introduced in 2016 and was first adjusted two years later in July of 2018 to align with inflation’s pace. As a result, the number of children living in poverty has reduced because of the government’s priority on accessibility and support. This strategy is on its way to reducing poverty by 50 percent by 2030.
In a news release, Minister Gould said, “Canadian families are worried about the rising costs associated with raising kids, but they are not in this alone.”
Gould added that the affordability plan, indexation of the CCB, and a newly-introduced $10-a-day child care for Ontario “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.”
As families brace for the lasting impacts of the COVID-19 pandemic, the level of affordability sways, proving difficult for families to raise children in this climate. In a push to invest and ease these challenges, the government introduced an agreement earlier this year to deliver $10-a-day child care for Ontario families by March 2026.
As of April 2022, the agreement reduced licensed child care fees for children under six by 25 percent, saving Ontario families an average of about $2,200 per child. Families will soon save an average of about $6,000 per child by the end of this year, a total reduction of 50 percent of fees.
The plan will create 86,000 new licensed early learning and child care spaces in the province.
These government incentives will secure some much-needed dollars for Canadian families across the coasts and provide relief in areas where families need growth and aid.