Canada Child Benefit payments to families released Thursday

March payments of the Canada Child Benefit will be distributed to eligible families this Thursday. This benefit is available for families with children under 18 years old. The Canada Revenue Agency calculates the amount each family receives based on their adjusted family net income from the previous year. The benefit also depends on the number of children and their ages. Payments were increased by 4.7 percent in July 2024, but the maximum amounts have not changed since then. Families can receive up to $648.91 for each child under six years old. For children aged six to 17, the maximum is $547.50. Families with an adjusted income of less than $36,502 will receive the full amount for each child. Families with higher incomes will see a gradual reduction in their payments. Some families may not receive this month’s payment if their total benefits for the year are less than $240. They would have received a lump sum in July instead. The March payments come as Canada experiences increased inflation. Statistics Canada reported a rise in consumer prices to 2.6 percent in February, partly due to the end of a tax break on certain children’s products. Despite the inflation increase, the tax break helped lower prices for those items. Families can expect the next Canada Child Benefit payments on April 17.