Lower-income families feel a chill
By Gordon Powers, Sympatico / MSN Finance
Cash-strapped families will be able to earn an additional $1,894 before seeing their federal child benefits start to disappear, yesterday’s budget proposes.
Changes to the National Child Benefit Supplement and the Canada Child Tax Benefit translate mean that low-income families, particularly those with a single parent, get a bit of relief. But what does it mean to struggling families trying to get ahead in the worst downturn we’ve seen in a long time?
Estimates peg the economic benefit of these reductions at close to $500 a year for a single parent with two children, earning $35,000. A double income household earning $70,000, also with two children, can add $275 per year to their budget.