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TOOL · GROSS COST

How much would a basic income cost in Canada?

Calculate the gross annual cost of paying a monthly amount to the country’s adult and child population.

Adult population 33,919,758child population 6,129,330year 2023World Bank WDI

GROSS ANNUAL COST

355,050 million

in CADCA$355,050,460,800

Equal to 12.0% of reference GDP

Population covered: 40,049,088 people

Adults: 33,919,758 × CA$800 × 12 = CA$325,629,676,800

Children: 6,129,330 × CA$400 × 12 = CA$29,420,784,000

CA$325,629,676,800 + CA$29,420,784,000 = CA$355,050,460,800

Offset benefits, recovered tax, administrative savings and later economic effects are not deducted. This is a gross cost, not a net cost.

Sources and method

Population 2023 · World Bank WDI

GDP 2023 · $2,196,593,836,347 · World Bank WDI

Currency CAD · exchange rate 1.3499 CAD/USD (2023)

Converted cost $263,018,140,688 for the GDP share.