Introduction July 1, 2016, the Universal Child Care Benefit (UCCB), the federal Canada Child Tax Benefit (CCTB) and the federal National Child Benefit.

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Presentation transcript:

Fiscal Analysis of Federal Children’s Benefits September 1, 2016 Introduce Trevor, Duncan, Erin and Jason Take you through a case study that provides an example of the work done by the PBO (distinct role in the system). Support financial decision-making by parliamentarians. Done through pulling together different strands of data from within government. And pulling together data from other jurisdictions.

Introduction July 1, 2016, the Universal Child Care Benefit (UCCB), the federal Canada Child Tax Benefit (CCTB) and the federal National Child Benefit Supplement (NCB) were replaced by the monthly Canada Child Benefit (CCB).

Introduction This report examines: the net fiscal impact of implementing the new system of children’s benefits; a 10-year projection comparing the new system and the old; and, a distributional analysis for the 2017-18 fiscal year.

Characteristics of children’s benefits New System Old System CCB UCCB CCTB NCB Indexed X Taxable Means-tested Under six $6,400 $1,920 $1,503* $2,329* (first child). $2,060* (second child). $1,960* (each additional child). Aged six to 17 $5,400 $720 Clawback based on adjusted family net income *This is the July 2016 indexed value based on legislation, had the CCTB not been repealed.

Historical Children’s Benefits Expenditures

Projection of children’s benefits (Nominal) (billions) 2016-17 2017-18 2018-19 2019-20 2020-21 Net cost of CCB $3.4 $4.3 $3.8 $3.2 $2.5 *UCCB is net of taxes

Average children’s benefit payments 2017-18 Old System of Children’s Benefits* New System of Children’s Benefits Family Adjusted Net Income Average benefit # of eligible families $0 - $30,000 $7,846 880,000 $10,069 $30,001 - $65,000 $5,991 874,000 $8,077 $65,001+ $2,560 2,318,000 $3,586 1,799,000 All $4,439 4,072,000 $6,297 3,552,000 *net of income tax on UCCB

Projections of alternate scenarios