Canadian parents are set to receive the latest child benefits from the federal government on Friday.
October payments of the Canada Child Benefit (CCB) will go to eligible families who have children under the age of 18 years residing in Canada.
The CCB amounts were increased in July after a routine annual recalculation based on a family’s net income from the previous year and inflation.
Recipients don’t have to pay any tax on these monthly payments.
The CCB payments are calculated based on the adjusted family net income, as reported in the previous year’s tax return, the number of children and their ages, according to the Canada Revenue Agency.
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In October, parents could receive a maximum payment of $648.91 for each child under the age of six years. That is an annual increase of 4.7 per cent relative to 2023.
For every child aged six to 17 years, the maximum CCB payment will be $547.50, which …