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.
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