Many families are waking up to a little more money in their bank accounts today. The Liberal government fulfilled an election promise to increase the child benefit program, and is delivering the most to those who need it most.
Prime Minister Trudeau, in an interview on CBC TV this morning, described the newly revised program as an “aggressive social policy” and he said it will “lift about 300,000 kids out of poverty across Canada”.
“I can afford things now for my kids at school”
Families with an income of over $200,000 (Cdn) will no longer receive child benefit payments, as they did under the former Conservative government.
The tax free payments will be most significant for families earning below $30,000 (Cdn) with a total of $6400 per child.
“Oh my God, I can afford things now for my kids at school,” Ava Williams told a CBC reporter. She said the increased payments will help her buy better groceries and possibly move to a better neighbourhood.
The Governor of the Bank of Canada, Stephen Poloz, responded to reporter’s queries about the new benefit program saying, “It’s theirs to spend and when they do it creates secondary effects.” He predicts a 3.5% growth in the economy this quarter with the increased spending.
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