WATCH ABOVE: Canadian families have started to collect cash from the new Canada Child Benefit. Laurel Gregory has more on who will benefit most.
The CCB, introduced last summer, replaced the Canada Child Tax Benefit, the Universal Child Care Benefit and income splitting. The payments are scaled to each household taking in a number of factors, including income, how many children are in the household and how old those children are.
Flanked by families, Trudeau talked about how the benefit will allow more families to visit places like the popular Edmonton facility, which has an IMAX theatre and hosts touring exhibits such as the current “The Science Behind Pixar” exhibition.
“Many of the families here today will have already seen more generous cheques each and every month to help with the cost of raising kids, because we know it’s expensive and we want to take a bit of that weight off the shoulder of Canadian families,” Trudeau said.
Families receive one tax-free benefit payment per month, and low-income households receive more money than high-income families.
With the revamped benefit, families receive as much as $6,400 per year for children under the age of six, and up to $5,400 per year for children aged six to 17.
Families with children where the household income is less than $30,000 per year receive the most money. On Saturday, Trudeau claimed the benefit will decrease child poverty by 40 per cent across Canada, helping 33,000 kids.
READ MORE: Canada Child Benefit: Parents sound off
While economists believe that the extra money will help low-income families and could stimulate the economy, they suggest that the amount of money isn’t enough to change most people’s thinking around major decisions like employment or whether to have children.
The program is expected to cost an additional $22.4 billion over five years.
— With files from Leslie Young and Tania Kohut, Global News