Toronto, ON — Canadian parents see many benefits in the new Canada Child Benefit with eight in ten (79%) parents ‘agreeing’ that the Canada Child Benefit, a new monthly tax-free payment for families with children under the age of 18, will be an improvement over the previous Universal Childcare Benefit, according to a new Ipsos poll conducted on behalf of Knowledge First Financial. In fact, a majority of parents agree that the new benefit will:
- Help families with day-to-day expenses (e.g. food, clothing, etc) — 86% agree (39% strongly/47% somewhat)
- Help families with childcare costs — 83% agree (30% strongly/53% somewhat)
- Help families pay for extra activities that enrich a child’s development (e.g. sports, music, tutoring, etc.) — 80% agree (28% strongly/52% somewhat)
- Help families save/invest for their child's future needs (e.g. post-secondary education) — 70% agree (25% strongly/45% somewhat)
Canadian parents were asked to identify how much of the CCB they will use to pay or save for various activities or expenses. The largest portion of the benefit will go to pay for day-to-day expenses (37% of the total benefit, on average), followed by savings for post-secondary education (22%). A smaller portion of the benefit will go towards childcare (16%), extra activities (14%), family vacations (5%) or some other category (6%).
Many parents are already on the road to saving for their children’s education through a Registered Education Savings Plan (RESP), as one half (48%) say they have an RESP for their children and three quarters (73%) suggest that they’d consider using a portion of the CCB to save for their children’s education.
- Four in ten (37%) parents already have an RESP and are interested in using the new Canada Child Benefit to help save for their child's education.
- One in three (36%) parents don't presently have an RESP but are open to using the CCB to save for their child's education.
- Just one in ten (11%) have an RESP but won't consider using the CCB to help augment those savings.
- Fewer than two in ten (16%) do not have an RESP, and aren't interested in using the CCB to potentially start one.
About the Study
These are some of the findings of an Ipsos poll conducted between June 30 to July 6, 2016, on behalf of Knowledge First Financial. For this survey, a sample of 1,001 Canadians with children in the household from Ipsos’ online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.5 percentage points, 19 times out of 20, had all Canadian parents with children in the household been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
Knowledge First Financial news release:
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