Canadian families eligible for child tax benefit payments will receive money very soon.

The monthly instalment of the Canada Child Benefit (CCB) will be deposited on Monday, Oct. 20.

The child tax payment increased in July, marking the beginning of the new benefit year. The federal government uses a process called indexation to raise the payment to help parents as the cost of living continues to soar.

An Employment and Social Development Canada (ESDC) spokesperson told Daily Hive in January that the indexation means the max CCB amounts and income thresholds are increased yearly to “keep pace with the rising cost of living.”

This year, Canadian families were given a 2.7 per cent boost in child tax benefit payments, bringing the annual base benefit for children under six from $7,787 t

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