The Federal Government announced today that the Canada Child Benefit Payment will be going up due to it being tied to inflation.
The annual benefit for each child up to child five is $6833 and the amount is $5765 for child six to 17. It is an increase of approximately $5 per child
The increase of the amount only amounts to a 1 percent increase compared to the previous year. This is inline with the inflation rate for Canada.
The total cost of the program across Canada is $27 billion this year. The amount is set to decrease next year after one-time Covid-19 payments increased the overall cost of the program.
