Canada new Affordability Plan

Know More About Canada’s Affordability Plan

In the last months, the Government of Canada announced its Affordability Plan⁠. This plan includes a suite of measures to help make life more affordable for millions of Canadians. For example:

  • A single recent graduate living in Alberta with an entry-level job and an income of $24,000 could receive about an additional $1,600 in new and enhanced benefits.
  • A couple in Ontario with an income of $45,000 and a child in daycare could receive about an additional $7,600 above existing benefits this fiscal year.
  • Also, the government will provide renters struggling with the cost of housing, with a one-time $500 payment.

According to the Deputy Prime Minister and Minister of Finance, the plan represents a total of $8.9 billion in new support for this year.

“We know that Canadians are worried about inflation and that they’re asking what their government is going to do about it. That’s why we have a new Affordability Plan —$8.9 billion in new support this year—that is going to put more money in the pockets of Canadians at a time when they need it most.”

The Honourable Chrystia Freeland

Early this year, Canadian consumer prices increased to 5.7%, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%) said Statistics Canada. “February marked the second consecutive month where headline inflation exceeded 5%.”  Housing is also becoming increasingly scarce, with record-low mortgage rates propelling Canadian home prices 52% higher over the past two years. There are also fewer rentals available.

The government’s Affordability Plan

Some of the measures in this Affordability Plan include:

  • A one-time $500 payment to nearly one million low-income Canadians struggling with the cost of housing.
  • Dental coverage for Canadians earning less than $90,000, starting with children under 12 in 2022.
  • Improvements to the Canada Workers Benefit, with a couple receiving up to $2,400 more this year and single workers receiving up to $1,200 more. According to an announcement, most recipients are receiving this additional support through their 2021 tax return.
  • In addition, childcare fees for Canadian families will be cut by an average of 50% by the end of this year. This Canada-wide plan means savings for families from $2,610 in Manitoba to $6,000 in British Columbia in 2022. It also includes an average childcare fee of $ 10 a day for all regulated childcare spaces across Canada by 2025-26.

Young new Canadians could leave Canada due to the high cost of living

According to a national survey conducted by Leger for the Institute for Canadian Citizenship (ICC), 30% of new Canadians aged 18-34, and 23% of university-educated new Canadians, said they are likely to move to another country in the next two years.

One of the challenges for immigrants is the cost of living in Canada. According to the new poll, 75% of new Canadians between the ages of 18 and 34 said they believe the rising cost of living means immigrants are less likely to stay in Canada. Also, 6% of Canadians in the same age group agreed with this statement.

You can read more about this, here.

Let us help!

If you have general immigration questions, you may fill out the following form. Of course, if you have specific questions, please book an appointment. You may also fill out our assessment form.

    Full Name (required)

    Email address (required)

    Have you entered your email address correctly?

    Your question (required):

    Read this in Spanish

    Related Posts

    Special authorization and its alternatives for Canadian dual citizens

    Sep 23, 2023

    Are Canadian citizens admissible to Canada?

    Sep 17, 2023

    Foreign record suspensions and Canadian admissibility

    Sep 7, 2023

    OINP Foreign Worker Stream with an Employer Job Offer

    Sep 6, 2023

    Fill our Free Canada Immigration Assessment Form in your language!

    This article provides information of a general nature only. Considering the fluid nature of the immigration world, it may no longer be current. Of course, the item does not give legal advice. Therefore, do not rely on it as legal advice or immigration advice. Consequently, no one could hold us accountable for the content of these articles. Of course, if you have specific legal questions, you must consult a lawyer. Alternatively, if you are looking for immigration advice, book an appointment.

    The characters and places in the articles:
    All the characters and locations in the articles are fictional, unless otherwise clearly stated. Therefore, any resemblance in names, dates, and places is coincidental.

    Important Notes:
    For our official addresses, trust this website only. We currently do not have offices outside Canada. Therefore, anyone who claims to be our agent is committing fraud. Also, note that we do not issue any work permits or study permits or similar documents. The government of Canada has the sole authority to issue such material.

    Click to read the disclaimer.

    Andrea Neira