Great news! New immigrants to Canada have another excellent benefit to look forward to! The federal government's recent fall economic statement shows that, thanks to strong economic performance this year, the fiscal deficit has been reduced from the previously estimated $28.5 billion to $19.9 billion. Consequently, the federal government will increase the Canada Child Benefit (CCB) program and provide more generous tax relief for low-income earners.
Federal Finance Minister Bill Morneau stated that starting in July 2018, the Canada Child Benefit amount will increase in line with the rising cost of living for families. This means the benefit payments will be adjusted based on the inflation rate. The government will allocate an additional $5.6 billion to the CCB program over five years to ensure more families benefit.
After the federal Liberal government took office in 2016, it introduced a new Canada Child Benefit (CCB) program, replacing the Universal Child Care Benefit previously implemented by the Conservative government.
The biggest difference between the two is that under the old program, all eligible families received the same amount of child benefit, whereas the new program's benefit amount is adjusted based on annual family income; the lower the family income, the higher the benefit received. Another difference is that the new CCB is a tax-free subsidy. The new program has a total value of $23 billion, and during its implementation from July 2016 to June 2017, a total of 3.6 million families enjoyed the benefits.
This benefit is now being further upgraded. Taking a family with a child under 6 and an annual income below $30,000 as an example, they currently receive a maximum of $6,400 per year in child benefits. After July 2018, they are expected to receive $6,496 per year, and $6,626 in 2019. If a family has two children under 6, they are expected to receive $200 more after July 2018, and $500 more in 2019.
In addition to the increase in child benefits, the income threshold for families eligible to receive the benefit will also be adjusted based on the inflation rate, with specific details to be announced at a later date.
Canada's high welfare standards and relaxed immigration policies have made it one of the most popular immigration destinations today. With Canada set to welcome nearly one million immigrants over the next three years, and the federal government and immigration authorities introducing a series of new benefits, now is an excellent time to invest in Canadian immigration.
As a top 500 Asian brand and a leading institution in the investment immigration industry, WorldWay Group possesses a powerful project team and a senior professional documentation team. With offices established in Canada and partnerships with strong Canadian institutions, we not only customize comprehensive immigration plans for investors but also carefully prepare every key detail to safeguard the investor's journey. Choose WorldWay for your Canadian immigration and make your path to immigration easier!
Currently, WorldWay offers high-quality Canadian investment immigration projects, including the Quebec Immigrant Investor Program (QIIP) which offers a low threshold and direct permanent residency, as well as the Saskatchewan, Manitoba, Prince Edward Island, and New Brunswick Provincial Nominee Programs for quick entry, helping investors realize their dreams of moving to the Great White North!
Working together to create brilliance, celebrating 20 years of prestige! On the occasion of WorldWay's 20th anniversary, to express our gratitude to new and old clients, WorldWay is launching the "WorldWay Group 20th Anniversary, Grateful Celebration and Comprehensive Rewards" campaign. During the event, WorldWay Group is offering numerous major discounts to share the joy with investors! For more event details, please call: 400-138-2929.
