A New Report Shows That Guaranteed Basic Income Would Cut Quebec's Poverty Rate By 60%
A guaranteed basic income (GBI) program would cut Quebec poverty rates by 60.4%, according to a new report by the office of Canada's Parliamentary Budget Officer.
For the country as a whole, the report found that GBI would reduce poverty rates by almost half in 2022.
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According to the report, Quebec would see the second-highest reduction in poverty levels compared to other Canadian provinces. Manitoba would see the highest reduction in poverty.
Nationally, families in the lowest income brackets with two working-age adults benefit from the biggest rise in disposable income — a 64.5% increase.
Quebecers in the lowest income bracket would see a 15.2% increase in their average household disposable income, amounting to approximately $3,846.
Higher-income residents across the country could see a slight decrease in their average disposable income due to the elimination of certain tax credits.
It's estimated that the overall cost of a GBI program in Canada would reach $85 billion by 2022, rising to $93 billion by 2026 — however, the report notes that the elimination of tax credits would offset these costs by increasing federal and provincial tax revenues.
The Liberal Party of Canada just "overwhelmingly endorsed" a universal basic income program at its 2021 convention, CBC News reported.
