Liberals plan to increase Canada child benefit

The Federal Liberals are going to be giving parents a little extra cash starting this summer.

According to CTV the Canada child benefit (CCB) will increase on July 20.

Just how much extra money families get depends on the number of children and income.

For children under the age of six the maximum yearly tax-free benefit will rise to just over $6,600. The benefit for children aged six to 17 with increase to $5,600.

Overall it will mean families will receive between $12 and $30 more per month than they do under the current system, which began in 2016.

The increased payments will cost more than $24.3 billion. The government said the cost was accounted for in the 2018 budget.

According to data from Stats Canada more than 278,000 children were lifted out of poverty between 2015 and 2017 as a result of the program.

The official announcement is expected Monday.