Canada supports families with children
The government wants to help families cope with the rising cost of living.
On July 20, Family, Children and Social Development Secretary Carina Gould announced that the maximum annual child allowance will be increased due to inflation and rising costs of living.
So from 2022-2023, families can get up to $6,997 CAD per child under age 6 and $5,903 CAD from age 6 to 17.
The Canada Child Benefit is paid starting in 2016, indexed to the inflation rate in 2018, and is tax-free. The amount the family will receive is based on the income shown on the previous year's tax return.
The Canadian government aims to reduce poverty by 50% by 2030, so it developed the Canada Solvency Plan, and this benefit is a key component of it. Since 2015, the government has already invested more than $27 billion CAD in creating an early learning and childcare system that steadily reduces parents' fees for daycare and other licensed childcare facilities.
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