Here’s what guaranteed basic income would look like in Canada

More than $500 lower per month than the CERB.

The Parliamentary Budget Office has released a study on Guaranteed Basic Income (GBI) in Canada. The goal of the report was to determine the cost of GBI in order to eliminate some red tape associated with government programs to make sure that money is available to those who need it, especially now that more Canadians are dependent on government income due to the COVID-19 pandemic.

The study on Guaranteed Basic Income in Canada used the predicted costs during the six month period from Oct. 2020 to March 2021. It was determined that single basic income for one year would be $16,689 ($1390.75 per month) and basic income for couples would be $24,027 ($2,002.25 per month). The study takes into account basic costs of living, including food, housing and education. While everyone’s overall expenses are quite different, it’s worth noting that these amounts are significantly lower than the Canada Emergency Response Benefit (CERB) payments of $2,000 per month that many Canadians have been receiving since the start of the pandemic.

While the Guaranteed Basic Income (GBI) program has been estimated to cost between $45-billion and $96-billion per year, the report also states that it could save the Federal Government $15-billion per year, as it would eliminate other programs, such as those for the unemployed and seniors.

For more details on the study, please visit the Parliamentary Budget Office website.

For more news updates, please visit our News section.