Eligible parents nationwide can expect Canada Child Benefit (CCB) payments to hit their accounts this week.

These payments usually go out on the 20th day of each month unless there's a weekend or holiday, in which case, they're sent out the day before.

April 20 falls on a Saturday, meaning payments will be issued on Friday, April 19.

The maximum annual benefit per kid under six is $7,437, and the maximum yearly amount per child aged six through 17 is $6,275. But that's because we're still in the same benefit year we were in for the latter half of 2023.

July 1 always rings in a new year for Canada's benefit programs. This is when maximum benefit amounts are adjusted via a process called indexation.

Since 2018, the Government of Canada has indexed child benefit amounts to support parents as the cost of living changes in a better way.

"This indexation means that the maximum benefit amounts and income thresholds at which benefits begin to be reduced are increased annually to keep pace with the rising cost of living, giving parents more support each month to help them provide for their children," an Employment and Social Development Canada (ESDC) spokesperson explained in an email.

"The maximum benefits and the income thresholds are indexed annually based on the Consumer Price Index (CPI)."

In the summer, your benefit deposit will see a bump. The ESDC said that it plans to increase the child tax payment by 4.7 per cent.

The maximum benefit for a child under six will increase by $350, from $7,437 to $7,787. For kids aged six to 17, it'll increase by $295, from $6,275 to $6,570.

Every month, this would be around $650 per child under six and $550 per child aged six to 17.

The amount is tax-free, too.

Don't forget to check your bank account, and make sure direct deposit is enabled on your My CRA account for a swifter payment experience. Check out this post for the full payment date schedule for 2024.

Or take the criteria test here to determine if your family is eligible for the updated CCB.

If you're eligible, here are the dates you can expect to receive the child tax payment in 2024.