Hearing a lot about basic income lately? Here are five things you might not have known about this emerging social policy idea.
We do it already…for seniors and families.
While it might be hard to imagine now, the majority of Canadians used to face great hardship in their senior years.
Fortunately, by the 1970s a number of public policies turned that situation around dramatically. This included Old Age Security (OAS) and the Guaranteed Income Supplement (GIS), both forms of basic income that are not based on employment.
The way OAS works, everyone who has lived in Canada long enough can get it when they turn 65. It provides the same amount to everyone, except for those with higher incomes. In that case, it is taxed back based on relative need. For seniors who have little extra income, the GIS is added to that – what we call a refundable tax credit.Read more