The Canadian government remains dedicated to helping families and children cope with the long-term effects of the Covid-19 epidemic.
Today, on the program's sixth anniversary, the Minister of Families, Children, and Social Development, Karina Gould, announced that the maximum annual Canada Child Benefit will be increased to assist families with the rising cost of living. Families in greatest need can receive up to $6,997 per kid under the age of six and $5,903 for child aged six to 17 for the 2022–23 benefit year.
Tweet by Justin Trudeau:
The Canada Child Benefit was launched in 2016 and is a crucial component of the Affordability Plan of the Canadian government. Since its establishment, the benefit has played a significant role in reducing the number of children living in poverty, and it remains crucial to the Canadian government's efforts to reduce poverty by 50 percent by 2030, comparable to 2015 levels.
Since 2018, the Canada Child Benefit has been indexed. The amount Canadians receive is based on their previous year's adjusted family net income as stated on their tax return.
Since 2015, the Canadian government has made significant advancements to increase the affordability of living from coast to coast, including a historic investment of up to $27 billion over five years to create a national system for early learning and child care in coordination with provincial, territorial, and Indigenous partners.
With the help of this investment, governments can cooperate to reduce the average parent charge for licenced child care spaces to $10 per day by the end of 2026, commencing with an average fee reduction of 50% for licenced early learning and child care spaces by the end of 2022.
Quick facts
• By giving parents additional money to help with the high costs of raising their children, the Canadian government is committed to ensuring that every family in the country has a fair opportunity at success.
• The Canada Child Benefit was created in 2016 and will celebrate its sixth birthday in July 2022. In order to ensure that the Canada Child Benefit stays up with inflation, the government indexed it for the first time in July 2018.
• For the July 2022 to June 2023 benefit year, eligible families may now receive up to $5,903 per child ages six to seventeen and up to $6,997 for child under the age of six.
• For low- to middle-income families with children, the Canada Child Benefit offers extra support that is tax-free and income-based.
• Compared to 2015, there were 450,000 fewer children overall living in poverty in 2019, and 782,000 fewer children did so in 2020.
• Although the temporary Covid-19 emergency benefits (including additional payments issued through the CCB) are mostly responsible for the reduction in children's poverty between 2019 and 2020, the poverty rate for children has been declining since 2015.
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