Good news, Canadian parents: the Canada Child Benefit (CCB) is increasing, and you will soon receive a bigger maximum child tax payment than you're getting right now.

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

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 in an email statement.

"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 July 2024. Payments are usually sent out on the 20th day of each month, but July 20 falls on a Saturday this year. The bigger payment will hit your account on July 19.

The ESDC told Daily Hive 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.