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OTTAWA — The federal government handed out almost $3 billion in child benefit payments Monday, but will claw back almost $340 million from families when the tax man comes calling in April.

That estimate doesn’t include provincial taxes, which are likely to account for about $160 million more, based on calculations by The Canadian Press.

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The money is coming from the $2.98 billion handed out Monday to families in the form of increased universal child care benefits, which government ministers were touting at events and online.

Employment Minister Pierre Poilievre called it “Christmas in July” for Canadian families.

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The enhanced benefit payments arrived on Monday, with the value rising to $160 from $100 for every child in Canada under age six, and a new $60 per month payment for every child age six to 17.

The increased payments are retroactive to the start of the year, meaning the payments this month will be higher than any before: up to $520 for children under six, and up to $420 for every child six to 17. A small number of families will also receive payments for children who had their 18th birthday during the first six months of the year.