Investment Executive
Independent Senator Kim Pate of Ontario has reintroduced Bill S-233 for a guaranteed livable basic income, which had its first reading in the Senate on Wednesday.
The bill, if enacted, would require the minister of finance to develop a national framework to provide all Canadians over age 17 a guaranteed livable basic income (GLBI).
Bill S-233 was previously introduced in 2021 and reached consideration by the Senate’s Standing Committee on National Finance before Parliament was prorogued.
In April 2021, the Parliamentary Budget Officer (PBO) estimated that a program guaranteeing Canadians between 18 and 64 years old an annual income of $16,989 and couples $24,027 would cost $87.6 billion per year. The benefit would be reduced by $0.50 for every dollar earned, so it disappears entirely for individuals at $33,978 and for couples once they reach $48,054. People with disabilities would receive an additional $6,000 per year.
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