One of the best things about having children in Canada compared to other countries is getting a bit of a financial supplement from the government for doing so. Here are the child tax benefit dates for 2023, so you know when you are going to get paid.
Sure, the Child Tax Benefit might not seem like a lot of money, especially if you have a higher family income and get something like $100 a month instead of the $500+ a month. At least it’s a few boxes of diapers.
Here’s information on free money from the Canadian government for having kids. This is on top of the free money you can get by contributing to an RESP.
Table of Contents
What is the Canada Child Benefit?
The Canada Child Benefit is a non-taxable (that means it is not included as income) benefit paid to families with children under the age of 6 and a different amount for children aged 6 to 17. The CCB is paid on a monthly basis via a cheque (or I guess direct deposit if you have arranged that. I like the good ol’ fashioned cheques).
The CCB has replaced the previous UCCB (Universal Child Care Benefit) and the CCTB (Canada Child Tax Benefit) as of 2016. The government of Canada likes to confuse us with new acronyms every few years, it seems.
If the amount you receive is less than $20 a month, the government of Canada will just pay your Canada Child Benefit Amount in a lump sum for the year.
The CCB amount your receive is dependent on your net family income for the previous year (on your notice of assessment or the previous year’s tax return).
The ‘calendar year’ for the CCB rolls from July until June of the following year.
It really helps with preparing for baby’s first year, especially because it is a tax free benefit.
It’s also a great way to fight back against the Motherhood Penalty of hit income.
Child Tax Benefit Application
Applying for the CCB is a must, I would say definitely as part of the financial checklist for new parents.
To apply for the CCB, all you have to do is to go to CRA’s (Canada Revenue Agency) My Account and click on apply for CCB or you can complete this form. The primary caretaker of the child is eligible to apply.
By default, the Canadian government usually considers this to be the woman. I applied for this automatically with the ‘newborn package’ of things to sign up for after our baby was born (it was an automatic sign up as I provided the government with my Social Insurance Number).
You have to have completed the previous year’s taxes to be eligible to receive the CCB.
Child Tax Benefit Calculator
How much can you receive with the CCB? It is a great government benefit if you can qualify for it.
In BC for the 2022 tax year, if you and your spouse have a AFNI (combined net income) of more than something like $218,500, you will be completely cut off from any Canada Child Benefit amount if you have two children under six.
That means you get $0 from the CCB if your AFNI is over $218,500 (household net income).
Here’s the maximum that Canadian families can receive from the CCB from July 2023 until June 2024 based on the 2022 tax returns :
- $7,437 per year or $619.75/month for each child under the age of 6
- $6,275 per year or $522.92/ month for each child aged 6 to 17
- You can receive an additional $3,173 per year if your child qualifies for the Child Disability Benefit.
In addition, there are additional benefits that are also paid out depending on your eligibility and the province or territory that you live in.
The maximum amount of the Canada Child Benefit is adjusted to inflation on an annual basis.
This maximum amount gets clawed back depending on your family’s net income, or the “adjusted family net income (AFNI)”. The higher the net income, the more is clawed back. The amount is adjusted for inflation each year.
Calculating how much you can receive with the Canada Child Benefit is complicated and depends on a number of factors, including how many children you have (how many children under 6 and how many over 6) and how much your family net income is.
You can easily calculate what you can get with the government’s child and family benefits calculator.
You’ll need this information handy when you use the benefits calculator:
- The province or territory that you live in
- The number of children you have (haha, you should have this information handy, I hope)
- Your children’s birth dates
- Whether you are divorced, married etc. and if you share custody of your child(ren)
- Whether your child is a qualified disabled dependent
- Your net income (not liquid net worth)
- Your spouse’s net income
Here’s a chart of the Canada Child Benefit amounts.
Now for the important part, when does child tax come out?
Child Tax Benefit Payment Dates 2023
Now you might be eagerly wondering: What time does child tax get deposited?
It usually gets deposited into your bank account if you have direct deposit early in the morning.
If you don’t have a joint bank account here are some new bank account promotions in Canada to stretch your money even further (or you could get an iPad)
Here are the child tax benefit pay dates for 2023. It’s usually around the 20th of the month, but some dates are different, for example, December it’s a little earlier because of the holidays.
- January 20, 2023
- February 20, 2023
- March 20, 2023
- April 20, 2023
- May 19, 2023
- June 20, 2023
- July 20, 2023
- August 18, 2023
- September 20, 2023
- October 20, 2023
- November 20, 2023
- December 13, 2023
If you chose to set up direct deposit, your money gets deposited into your no fee chequing account on these dates. If you didn’t set up direct deposit, you will get a cheque in the mail after this date.
For other payment dates, you can check out the Canada.ca link here.
The child tax benefit pay dates are the same all across Canada, whether you are in BC, Alberta, or whether you are in Ontario. The province doesn’t matter.
Child Tax Benefit Phone Number
If you have questions or concerns about your Child Tax Benefit, you can contact the child tax benefit phone number from the government of Canada.
How to Maximize the Canada Child Benefit
If you want to maximize the Canada Child Benefit, the goal is to reduce your net income. You can do this in a number of ways, for example, contributing to your RRSP to reduce your AFNI income.
Here are some other ways you can maximize the CCB.
Child Tax Benefit Recap
The Canada Child Tax Benefit is a great program for parents with children.
The dates for the child tax benefit payment is usually near the end of the month, around the 20th. If you select direct deposit, your money will be paid out on that date. If you select payment by cheque, the cheque will be mailed out to you after the payment date.
This is when investing in your RRSP rather than your TFSA would make more sense.
Maximizing your Canada Child Benefit can help you save money for your child’s Wealthsimple or Justwealth RESP.
Hopefully this list of the Canada tax benefit dates comes handy for you so you can plan your family budget and know what your family cash flow is going to be like for the year.
You may also be interested in:
Have you tried to maximize the Child Tax Benefit?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.