As a parent in Ontario, the high cost of daycare can be a significant financial burden, making it difficult to manage expenses and save for the future. However, the introduction of the Canada-wide Early Learning and Child Care (CWELCC) program could help alleviate some of these concerns. Here’s what you need to know about this program and how it benefits families in Ontario.
What is $10-a-day daycare, and how does it work?
The national daycare program aims to provide affordable and inclusive child care for families at an average cost of $10 per day. To achieve this, provincial and territorial governments, with support from federal funding, are working to create 250,000 new daycare spaces across Canada by 2026. The program provides a partial and graduated reduction in daycare fees for parents of children enrolled in qualifying daycare facilities. As of November 2022, around 92% of licensed daycare sites in Ontario have opted into the program. The rebate increased to 50% of child care fees in 2023, and fees will continue to decrease until an average of $10 per day is achieved in 2026.
Who is eligible for the program?
Parents or guardians whose children are under the age of six, currently paying more than $12 per day for daycare, and enrolled in a licensed daycare facility that participates in the national daycare program can qualify for the fee reduction.
What are the potential savings?
The amount a family can save depends on the fees charged by their daycare provider. In Ontario, families can save more than $9,000 per year compared to 2019.
How will these program impact families in Ontario?
The $10-a-day child care program will make child care more affordable, providing significant financial relief for young families. This program could positively impact the finances of families overall, allowing parents to allocate more money towards big expenses such as housing, transportation, and food. Additionally, affordable daycare could encourage more couples to start a family, and fewer mothers may feel the need to leave the workforce to care for their children.
What can families do with the rebates they receive?
Depending on the amount a family currently pays for daycare, the CWELCC program could translate to thousands of dollars back in their pocket. They could use this money to contribute to their child’s registered education savings plan (RESP), pay down debt, build their emergency savings fund, or put it towards other savings goals.
Enroll your child for fall 2023
At Better Than Home, we provide high-quality home daycare services to support families in Ontario. Enroll your child for fall 2023 and take advantage of the savings provided by the Canada-wide Early Learning and Child Care program. Contact us today to learn more.