Some parents will see increased financial help from the government 

With the Federal government adjusting certain personal income tax and benefit amounts to inflation, parents will see an increase in their Canada child benefit (CCB). The overall indexation increase for 2024 is 4.7 per cent. 

"Increases in amounts for certain income-tested benefits like the goods and services tax credit, the Canada child benefit and Child disability benefit, take effect on July 1 to coincide with the beginning of the program year for payments of these benefits," The Canada Revenue states.

The CCB is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age and may include the child disability benefit and any related provincial and territorial programs.

The CRA explained that the July 2023 to June 2024 timeframe and payments are based on your adjusted family net income from 2022.

Parents can expect more money from the federal government this summer. (Graphic credit to Canada Revenue Agency)

2024 payments are scheduled for:

• January 19, 2024,
• February 20, 2024
• March 20, 2024
• April 19, 2024
• May 17, 2024
• June 20, 2024
• July 19, 2024
• August 20, 2024
• September 20, 2024
• October 18, 2024
• November 20, 2024
• December 13, 2024

Those who qualify for the federal government's Canada Child Benefit (AFCB), are also automatically eligible for the Alberta Child and Family Benefit; though these payments do not begin until February 2024.

"ACFB payments are made separately from the CCB payments and issued in August, November, February and May," CRA added.

Amounts paid from June 2023 till June 2024 include: 

• $1,410 ($117.50 per month) for the first child
• $705 ($58.75 per month) for the second child
• $705 ($58.75 per month) for the third child
• $705 ($58.75 per month) for the fourth child

"The benefit is reduced as family income exceeds $25,935. If your adjusted family net income is between $25,935 and $43,460, you may receive a partial benefit."

In addition, families with a working income of more than $2,760 may be entitled to receive the working income component of:

• $722 ($60.16 per month) for the first child
• $657 ($54.75 per month) for the second child
• $393 ($32.75 per month) for the third child
• $130 ($10.83 per month) for the fourth child

Other benefits that will be paid out in the coming weeks include the Canada Workers Benefit (CWB) as well as the Climate action incentive payment. 

Send your news tips, story ideas, pictures, and videos to news@discoverairdrie.com. You can also message and follow us on Twitter: @AIR1061FM

For Airdrie and area breaking news, weather, traffic and contest alerts download the DiscoverAirdrie app. Click here to get it from the Google Play or Apple App Store.