On April 19, the federal government shared its budget. Several measures continue to help Canadians through the pandemic. Here are the key announcements according to our experts.
- For young families: A Canada-wide Early Learning and Child Care System will be established.
o In collaboration with provincial, territorial, and Indigenous partners, a Canada-wide, community-based system of low-cost child care will be created.
- For workers: The Canada Workers Benefit (CWB) will be enhanced.
o Eligibility criteria will be expanded. The good news is that more people will receive this benefit.
- For those looking for work: The Canada Recovery Benefit (CRB) will be extended by several weeks.
o The CRB will be extended for up to 12 weeks, for a maximum of 50 weeks in total.
- For those 75 years and older: Old Age Security (OAS) will be enhanced.
o For OAS pensioners aged 75 or older as of June 2022, a one-time, taxable payment of $500 will be sent in August 2021.
o Regular OAS payments will also be increased by 10% for pensioners aged 75 or older, effective July 2022.
- For people living with a disability: The criteria for the Disability Tax Credit (DTC) will be expanded.
o More people will have access to this credit thanks to:
This budget kicks off the first year of a three-year, $101-billion plan to jump-start the Canadian economy. If you want to know what these measures might mean for you, talk to your financial advisor.
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