Here's How The Feds' New Affordability Plan Will Apparently Make Life Way Cheaper For Canadians
Renters will get one-time payments, benefits will be boosted, and more.👇💰
Justin Trudeau and Chrystia Freeland take a selfie. Right: Chrystia Freeland announces the 2022 Affordability Plan.
The federal government has laid out its new multi-billion-dollar "Affordability Plan," which it says will make life more affordable for millions of Canadians.
On Thursday, June 16, Deputy PM and Minister of Finance Chrystia Freeland announced a number of measures that aim to combat inflation in Canada.
The measures, which will cost $8.9 billion this year, include one-time housing affordability payments, boosts to benefits like the Canada Child Benefit and new dental care plans, among other things.
The Department of Finance blamed the jump in inflation on "the lasting impacts of a once-in-a-generation pandemic," as well as "China's ongoing COVID-zero policies and Russia's illegal invasion of Ukraine."
Here's a look at the plans laid out by Freeland, which she says will "get inflation under control."
Canada Workers Benefit
One way the feds intend to increase support for low-income workers is through an enhancement to the Canada Workers Benefit (CWB).
Per the plans, the CWB will be boosted so that around 3 million Canadians can access more support, with individuals able to get up to $1,200 more and couples eligible to receive up to $2,400 more this year alone.
According to the Department of Finance, most recipients have already received this extra money through their 2021 tax return.
Child care
Canadians with children can expect to pay less for their child care in 2022, according to the federal government.
That's because, following agreements with all 13 provinces and territories, fees for child care will be cut by an average of 50% across the country.
Families in Manitoba can expect to save around $2,610 per year, according to the Department of Finance, while residents of B.C. could see savings up to $6,000.
By 2026, the feds say the average child care fee in Canada should be $10 per day.
Old Age Security (OAS)
From July 2022, the Old Age Security (OAS) pension will jump by 10% for those aged 75 and older.
It means more than 3 million eligible seniors will be able to receive over $766 in new support in the first year.
Housing affordability payment
The new Affordability Plan might bring good news to renters struggling to make their payments too, as the government is promising to provide a one-time payment to eligible people in 2022.
As many as a million low-income Canadians who are "struggling with the cost of housing" are expected to receive the money, which will total $500.
Dental care
Following a Liberal-NDP deal earlier this year, the federal government has confirmed that it will provide dental coverage for Canadians earning under $90,000.
While it's part of a wider plan to provide dental care support to millions, children under 12 are set to be the first group eligible in 2022.
Boosts to benefits
Per the Affordability Plan, several key government benefits will continue to be adjusted for inflation over time.
This includes the Canada Child Benefit (CCB), Old Age Security, the Guaranteed Income Supplement, the Canada Pension Plan and the GST Credit.
This article's left-hand cover image was used for illustrative purposes only.
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