Good news, Canadian parents: the Canada Child Benefit (CCB) has increased, and you will now receive a bigger maximum child tax payment than before.

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. This month, the 20th is a Saturday, so expect a payment on Friday, July 19.

The benefit year always begins on July 1 and ends on June 30 of the following year.

How much money you'll get

Since 2018, the government has indexed CCB amounts to better support parents as the cost of living changes.

"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 over email.

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

Last year, the government increased the maximum annual Canada Child Benefit payment per kid under six to $7,437.

The amount per child aged six through 17 also increased from $5,903 to $6,275 — an extra $372 a year.

Eligible parents can expect even more starting this month.

The ESDC says that it plans to increase the child tax payment by 4.7 per cent. This means 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.

This amount is tax-free, too.

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.