The Federal Budget in 3 minutes

21 April 2021 by National Bank
Infographic federal budget decisions for 18 to 24 year olds

   

Infographic federal budget decisions for 18 to 24 year olds

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: 

  • An updated list of mental functions of everyday life that is used for assessment.
  • Recognition of more activities as part of life-sustaining therapy.
  • Reducing the minimum-required frequency of therapy.  

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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