Brampton – Prime Minister Justin Trudeau was on hand in Brampton alongside Ms. Ruby Sahota, Member of Parliament for Brampton North, and other Brampton Members of Parliament to share great news about further action to support Canadian families.
In Budget 2016, the Government introduced one of the most important and innovative social policy measures in a generation. That budget replaced the previous child benefit system with the new Canada Child Benefit (CCB)—a simpler, more generous, better targeted benefit that is entirely tax-free. The CCB has helped lift about 300,000 children out of poverty and, by the end of this year, child poverty will have been reduced by 40 per cent from what it was in 2013.
In the fall of 2016, the Government took further action to support Canadian families over the long term by announcing that, as of the 2020–21 benefit year, the CCB would be indexed to ensure it keeps pace with the rising cost of living.
A year later, Canada’s economy is growing faster than expected and performing better than other G7 countries (France, Germany, Italy, Japan, UK and USA). This is, in part, thanks to the positive effects the CCB has had in improving consumer confidence and consumption. With this increased flexibility, and to ensure benefits of our strong growth are shared with the middle class and those working hard to join it, the Government proposes to accelerate the indexation of the CCB’s benefit amounts and phase-out thresholds by two years to July 2018.
This means better support sooner to ensure that the CCB continues to play a vital role in helping Canadian families and our economy.
Indexing the CCB sooner will provide an additional $5.6 billion in support to Canadian families over the 2018–19 to 2022–23 period.
Ruby Sahota said: “Canada now has the fastest growth in the G7, giving us more flexibility to re-invest the benefits of that growth in the middle class, and those working hard to join it. A strengthened CCB means more money that is tax free, for books, skating lessons or warm clothes for the winter.”
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