Toronto: The Prime Minister, Justin Trudeau has said that government of Canada understands that a strong economy starts with a strong middle class. Too many Canadian middle class families struggle with the high costs of raising their children, and too many children continue to live in poverty.
The Prime Minister welcomed Royal Assent of the Budget Implementation Act which includes a new Canada Child Benefit that will put more money in the pockets of nine out of ten families, and help them to save, invest, and grow the Canadian economy.
The new Canada Child Benefit will be paid monthly to eligible families, beginning in July 2016, and is:
- simpler – families will receive a single payment every month;
- tax-free – families will not have to pay back amounts received when they file their tax returns;
- better-targeted to those who need it most – low- and middle-income families will receive more benefits, and those with the highest incomes (generally over $150,000) will receive lower benefits than under the current system; and
- much more generous – families that benefit will see an average increase in child benefits of almost $2,300 in the 2016-17 benefit year.
Prime Minister of Canada Justin Trudeau said that “The new Canada Child Benefit means more money for healthier groceries, kids’ summer programs, and back-to-school clothes. This is about putting money in the pockets of families who need it most, investing in our future, and helping the Canadian economy grow for the benefit of all.”