Yellowknife – Michael V. McLeod, Member of Parliament for Northwest Territories, is applauding the federal government’s plans to increase the Canada Child Benefit – a program that is having a real impact on the bottom line for lower- and middle-income families in the NWT.
When the Canada Child Benefit was first introduced in July 2016, the extra money in parents’ pockets had an immediate effect on consumer confidence and economic growth. With its fall economic update, Canada announced it now has the fastest growth in the G7, giving us more flexibility to re-invest the benefits of that growth in the middle class.
Canada has taken further action to strengthen the Canada Child Benefit (CCB) to make sure it keeps pace with the rising cost of living, by making annual cost of living increases to the CCB starting in July 2018—two years ahead of schedule.
For a single parent of two children making $35,000, a strengthened CCB will mean $560 more next year, tax free, for books, skating lessons or warm clothes for winter.
The added confidence this benefit brings to families is proven to have an immediate impact on their family life and our economy. It is helping with the high costs of raising kids and making a real difference in the lives families who need it most.
“I am enormously proud of the Canada Child Benefit. This is the most significant public policy innovation since universal healthcare in Canada. In the NWT, there are over 7,800 children being helped by this every month. I hope that you have applied for this, so make sure you file your taxes because you do not want to miss out on the benefits for your families.”
Michael McLeod, Member of Parliament, Northwest Territories
Key Facts of the Canada Child Benefit for the NWT (May 2017 data):
Canada Child Benefit Payments to the Northwest Territories
Number of Children = 7,820
Average Payment = $590
Total Amount = $2,497,000
Office of Michael V. McLeod