Canada Child Benefit: Everything you need to know

The wait is over as the much-touted “new and improved” Canada Child Benefit (CCB) launches Wednesday.

The new benefit replaces the Canada Child Tax Benefit, the Universal Child Care Benefit and income splitting. The payments will be scaled to each household taking in a number of factors, including income, how many children are in the household and how old those children are.

MORE: Trudeau government eliminates Harper-era tax credits

Families will receive one tax-free benefit payment per month. Low-income households will receive more money than high-income families, which could mean higher earners could see their monthly benefit shrink, or possibly disappear altogether.

WATCH: Trudeau says Canada Child Benefit to make ‘real difference’ for families

1:13 Canada Child Benefit to make ‘real difference’ for families: Trudeau

If you’ve been receiving child benefits and are up to date on your taxes, there is no need for you to apply for the new benefit. You should receive notice of your eligibility status and payment in the mail.

WATCH: Here’s everything you need to know about the new Canada Child Benefit.

0:52 Here’s everything you need to know about the new Canada Child Benefit

With the revamped benefit, families will receive as much $6,400 per year for children under the age of six, and up to $5,400 per year for children aged six to 17. The benefit will be split into 12 monthly payments.

Families with children where the household income is less than $30,000 per year will receive the most money.

The feds say the new benefit is simpler, better targeted to those who need it most, and “much more generous — families benefiting will see an average increase of almost $2,300 in the 2016-17 benefit year.”

“This is a plan to help families more than any other public policy since public health care,” Finance Minister Bill Morneau said in March.

“Nine out of 10 families will get more help than they do under existing programs.”

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WATCH: Liberals introduce new child benefit payments

1:37 New federal budget impact on families

The Liberals estimate 300,000 fewer children will live in poverty in 2017 compared with 2014, due to the revamped benefit.

WATCH: Canada Child Benefit aims to lift 300k children out of poverty

1:11 Canada Child Benefit aims to lift 300k kids out of poverty

Morneau tweeted a link Monday to a new online calculator to help you figure out what the changes will mean for your family.

Sound off — Global News wants to hear what you think about the new benefit. Fill out the comment box below to share how the changes affect your family

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