Starting in July next year, families are going to receive more money from the federal government, with an increase in the child care benefit.
Finance Minister Bill Morneau delivered the fall economic outlook yesterday.
The increase will mean an average Canadian family with two children will see around $200 more in 2018, and around $500 more in 2019, “We want to do a little bit more for middle class families through the Canada Child Benefit, just to make sure that it keeps up with inflation. That is really important to us. By increasing the tax credit for the individuals and families that are at that low income level, it will have a real impact on them and they are going to put that money back into the economy. So it’s really doubling down on a strategy that has worked,” Morneau says.
This comes almost two years earlier than previously promised.
With this increase in the CCB, the government will pay out an additional $5.6 billion over five years.
