More money for middle class families

GATINEAU, QC, Aug. 21, 2019 /CNW/ - Helping middle-class Canadian families provide the best start in life for their children is a top priority for the Government of Canada. That's why, in July 2019, the Canada Child Benefit (CCB) was increased once again to keep up with the cost of living.

This week, one month after the third anniversary of the CCB, families will receive their second payments of the increased benefit. This means that for the 2019–20 benefit year, the maximum benefit will be $6,639 per child under age 6, and $5,602 per child aged 6 through 17. For this same benefit year, on average, families benefitting from the CCB will receive approximately $7,000.

For example, a single mother with two children under the age of 6 and an income of $30,000 will receive an additional $286 tax-free for the upcoming benefit year and a total of $13,278 in support this year alone.

Across Canada between July 2017 and June 2018, nearly 3.7 million families received more than $23 billion in annual Canada Child Benefit payments, to give all Canadian families a fair chance to succeed. Thanks to the CCB, parents have more money to help pay for things such as healthy food, sports programs and school supplies for their children.

Quotes
"Today Canadian parents have more money in their pockets—up to $143 more tax-free per child than last year. Increases to the CCB means tax-free financial support every month for the families who need it most."
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development

Quick Facts

• Across Canada, CCB payments worth $23.7 billion benefitted nearly 3.7 million Canadian families in the 2017-18 Benefit year. For more information:
• Canada Child Benefit Statistics - 2017-2018 Benefit Year
• Federal Electoral District Statistics (FEDS) − 2018 Edition (2016 tax year)
• Federal Electoral District Statistics For Canada Child Benefit Recipients – 2017 – 2018 Benefit Year
• The CCB has had a positive impact on families' incomes, playing a key role in reducing child poverty. There were 278,000 fewer children living in poverty in 2017 than there were in 2015.
• Tax filing opens the door to benefits and credits, including the Canada Child Benefit. Over 29 million returns were filed for the 2018 tax-filing season.
• Not only are payments increasing immediately, but changes have also been made to simplify and clarify the CCB application form. This was done following extensive consultation to ensure that all Canadian parents who need it the most can more easily access the benefits and credits to which they are entitled.
• The CCB has been recognized by the International Monetary Fund, the Bank of Canada and other experts as a key contributor to helping strengthen Canada's middle class.
• Examples of the new indexation rates for the upcoming 2019–20 benefit year:
• A single-parent family with one child aged under the age of 6 and earning $25,000 will receive an additional $143, bringing their new yearly total benefit to $6,639.
• A two-parent family with two children aged 4 and 9 and earning $55,000 will receive an additional $354, bringing their new yearly total benefit to $9,017.
• A two-parent family with two children under the age of 6 earning $90,000 will receive an additional $263 for the upcoming benefit year, bringing their new yearly total benefit to $7,090.

Associated Links
Canada Child Benefit 
Canada Revenue Agency 
Canada Child Benefit Statistics - 2017-2018 Benefit Year 
Federal Electoral District Statistics (FEDS) − 2018 Edition (2016 tax year) 
Federal Electoral District Statistics For Canada Child Benefit Recipients – 2017 – 2018 Benefit Year

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SOURCE Employment and Social Development Canada

View original content: http://www.newswire.ca/en/releases/archive/August2019/21/c8746.html