Canadians Could Soon Receive A Guaranteed Basic Income & You Could Be Eligible For Payments
The Senate is considering Bill S-233 right now.
Revenue Canada GST/HST credit cheques (stimulus cheques) sent out during the COVID-19 pandemic.
With the current surge in inflation, the cost of living is hitting harder than ever for many. It goes without saying that Canadians are feeling the squeeze as prices continue to climb. But there are certain financial programs that could make these tough times somewhat easier, and one bill in particular could mean a livable basic income for Canadians.
The second reading of Canada's Bill S-233 took place earlier this year with hopes of proposing a national framework for guaranteed livable basic income (GLBI) to millions of Canadians. On October 17, 2023, the Standing Senate Committee on National Finance began to study Bill S-233, which remains under consideration right now.
Once the study of Bill S-233 is complete, committee members and senators across Canada will have the opportunity to vote and send the bill to the House of Commons, where it could become law following review.
"Faced with increasing economic uncertainty, Canadians rightly expect their governments to both help individuals make ends meet and treat public money with care. We introduced Bill S- 233 and Bill C-223 because leaving Canadians in poverty costs at least $80 billion per year," said Ontario Senator Kim Pate.
With the possibility of Bill S-233 turning into law, here's everything you need to know about the possibility of guaranteed basic income.
What is guaranteed livable basic income in Canada 2023?
Bill S-233, which is also known as the "Guaranteed Livable Basic Income Act," is sponsored by Senator Kim Pate and could provide many Canadians with a livable basic income.
The bill's core principle is simple: everyone should have access to a livable income. It aims to combat poverty, reduce income inequality, and boost overall well-being. Moreover, Bill S-233 seeks to protect the most vulnerable in society, emphasizing respect, dignity, and security for millions of Canadians, per the bill.
The legislation has been in the Senate's pipeline for some years. Its first reading was completed on December 16, 2021, followed by a second reading on April 18, 2023.
Recently, on October 17, 2023, the Standing Senate Committee on National Finance began an initial study. As the Standing Senate Committee concludes its study of Bill S-233, senators will have the opportunity to vote on its passage to the House of Commons. As mentioned, the potential transformation of this bill into law could mark a significant development in Canada's social and economic landscape.
Who would be eligible for guaranteed livable basic income in Canada?
If Bill S-233 becomes law, the Minister of Finance, currently Chrystia Freeland, would be tasked with creating a national framework for a guaranteed livable basic income program.
The program would cover anyone over 17, including temporary workers, permanent residents, and refugee claimants, per Bill-S233.
The framework would determine region-specific livable income levels, considering the cost of essential goods and services for a dignified life. It would also establish national standards for health and social support and ensure that education or labor market participation is not a requirement to qualify.
Bill-S233 would not reduce existing services or benefits for health and disability support. That means you would still receive any existing credits and benefits you already have from the government of Canada.
How much would guaranteed livable basic income payments be?
As of now, there is no set payment figure or timeline for implementation of the bill. Bill S-233 would require Canada's minister of finance to determine what a guaranteed livable basic income would amount to across Canada, which could depend on recipients' income and location.
This article's cover image was used for illustrative purposes only.
- These 7 Companies In Canada Offer Unlimited Vacation & Have Job Openings Right Now ›
- Nintendo Canada Is Hiring In Montreal & You Don't Need A Degree To Get A Job ›
- Air Canada Is Hiring Across Canada & You Don't Need A Degree To Apply ›
- The 11 Best Credit Cards In Canada, According To Financial Experts - MTL Blog ›
- 7 Open Government Of Canada Jobs That All Pay Over $100,000 - MTL Blog ›
