Employment Minister Patty Hajdu announced on Oct. 25, that the Canadian Government intends to strengthen the Canada Child Benefit (CCB) by making annual cost of living increases starting in July 2018, two years ahead of schedule.
For a single parent of two children making $35,000, a strengthened CCB will contribute $560 in the 2019–20 benefit year towards the cost of raising his or her children. That means more money to help Canadian families with the cost of raising a family.
"The tax-free Canada Child Benefit provides a welcome boost for Canadian parents and helps them with the high costs of raising a family," said Hajdu.
"Whether the extra money is used for signing their children up for summer camp or helping cover the grocery bill, the CCB helps families across the country. The investments we're making in Canadians will put more money in the pockets of those who need it most, create more well-paying jobs and give all Canadians a fair shot at success."
The added confidence the CCB brings to families has been shown to have an immediate impact on economic growth.
The Oct. 24 Fall Economic Statement provided an update on how the Government's investments in the economy and the middle class are delivering results for Canadians:
- Canada is the fastest growing economy in the G7—by a wide margin—growing at an average rate of 3.7 per cent over the last year, which is the fastest pace of growth since early 2006.
- Job creation is strong, with over 450,000 new jobs created in the last two years, and the unemployment rate at its lowest level since 2008.
- Growth is forecast to be 3.1 per cent in 2017—significantly above expectations at the beginning of the year.
"With Canada's economy growing faster than it has in more than a decade, the Government is reinvesting in Canada's middle class by cutting taxes for small business, and providing more money to families through the CCB, while helping low-income Canadians by bolstering the Working Income Tax Benefit," said a news release from the Government of Canada.
"By working together, we will make sure Canadians have every opportunity to succeed, and to build their future and a country we can all be proud of."
