Bringing a child into the world is a huge undertaking. It takes a big toll on your finances before the baby even comes and for the next 16+ years! Great news – our government offers a large variety of benefits and subsidies to help families of all shapes and sizes with their childcare costs.
Children are expensive. They bring a new section to your monthly budget, which often outweighs many other categories you cherish so much (think travel, eating out, entertainment, etc).
Luckily, the government of Canada understands how expensive it is to bring a new life, or adopt an existing one. As it has the best interest in ensuring every new generation of Canadians has the best chance to thrive, a large variety of government, provincial, territorial and local benefits exist.
These benefits are meant to assist families with various levels of income, struggles, hardships and uniqueness in their families.
As Canadians, we have the right to use these benefits. It makes sense – with the cost of childcare nowadays, many parents are forced to become stay-at-home parents to cope with the new expense. By providing a considerable sum of money to families as a tax free benefits (Canada Child Benefit), Canadian government also allows some parents to return into workforce.
In 2018 the government spent about CAD$8 billion on childcare subsidies and benefits. According to statistics, approximately 150,000 highly-educated individuals are staying at home to take care of their children. If those individuals would return to work and start paying taxes, it would boost national economy by 2 percentage points, which curiously enough equals to approximately CAD$8 billion.
Aside from the Canada Child Benefit, there are numerous other benefits on a local and provincial level. Medium and lower income families can quality for those and single parents with higher income can take advantage of most of them.
So, as you can see, with government assistance, childcare costs are not nearly as intimidating. Make sure you check out and apply with ease for all currently available local, provincial, territorial and government benefits in our Benefits Finder.