The following describes the key federal income support programs.
Canada Child Benefit
- Cost: $26.3 billion in 2023–2024
- Monthly payment to eligible families
- May include the Child Disability Benefit, for families caring for children with severe and prolonged disabilities
Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit:
- Cost: $5.7 billion in 2024 (2024 projection)
- Quarterly payment, meant to offset GST or HST paid, available to individuals and families with incomes below a certain threshold
Canada Workers’ Benefit
- Cost: $4.5 billion in 2024 (2024 projection)
- Tax credit for eligible low-income workers
Employment Insurance
- Cost: $28.5 billion in 2024 (projected Employment Insurance Operating Account expenditures)
- Income support for workers who are unemployed or need time off work to face specific life events (e.g., birth of a child, illness)
- Funded through contributions of employers, employees, and self-employed persons
Old Age Security
- Cost: $76 billion in 2023–2024
- Monthly payment for eligible seniors (aged 65 and up); may include the Guaranteed Income Supplement (GIS), for low-income seniors, and the Allowance, for low-income individuals aged 60–64 who are spouses or common-law partners of GIS recipients
Canada Pension Plan (Quebec residents participate in the Quebec Pension Plan)
- Cost: $52.9 billion in 2021–2022
- Provides retirement benefits, as well as disability, death, survivor, children’s and post‑retirement benefits
Funded through mandatory contributions by employers, employees, self-employed persons, and the revenue earned on Canada Pension Plan investments