Child Care Benefit (CCB) set to increase in July 2024
The increase was announced by Guilbeault along with Brenda Shanahan, member of parliament (MP) for Châteauguay–Lacolle, on the eighth anniversary of the CCB.
With this increase, parents can receive approximately 4.7% more than the previous year — approximately $350 per year.
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Start Trading TodayWho benefits from the CCB increase in 2024?
According to the government, tens of thousands of families across Canada benefit from CCB, each year. In Châteauguay–Lacolle, QC, approximately 8,210 families accessed the benefit in the 2023 to 2024 year — averaging $6,584 in CCB support.
"In Châteauguay–Lacolle, we've seen firsthand the positive impact of the Canada Child Benefit on our families. With over 8,000 families benefiting and millions of dollars reaching our community, this increase will provide even more support to help parents manage the cost of living,” Shanahan said.
How increases to CCB work
This year the CCB increase was based on the inflation data; the benefit was indexed to inflation using Consumer Price Index (CPI) data, as reported by Statistics Canada. (The government uses CPI to track and monitor inflation). Indexing the Canada Child Benefit occurs every July 1, which ensures that the benefit protects families from inflation. Although introduced in 2016, CCB was first indexed to inflation in July 2018.
The amount received under CCB depends on several factors, such as the number of children in care, their ages, marital status and the prior year's net income.
It may also include the child disability benefit and any related provincial and territorial programs.
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Get A QuoteHow parents can put the CCB to work
For parents motivated to use the benefits for more than just paying bills — and let's face it, that's what a lot of parents must do — there are ways to use the CCB funds to create an investment portfolio for you and your child.
For instance, CCB benefits could be added to your Tax-Free Savings Account, where interest earned in a high-interest savings account (HISA) or an lower-risk investment portfolio can grow in value, tax-free. The funds from the TFSA could be used to help pay future childcare costs, education fees or even family vacations. If you want to open a TFSA before getting your CCB benefts, consider the following options:
Another option is to invest the CCB funds in a registered education savings plan (RESP) — an investment account that lets people save for post-secondary education. While RESP group plans exist, most Canadians can open and invest using low-cost exchange-traded funds (ETFs) — and get better returns, while paying less in management and trading fees. To use this option, you need to set up a discount brokerage account that offers RESP accounts. Good options include:
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