What is a universal basic income?
Some governments issue universal basic income to their citizens. Does Canada? Learn more about UBI in the MoneySense Glossary.
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Universal basic income (UBI)—also known as basic income guarantee, basic living stipend, guaranteed annual income or a universal income security program—is a government program that would give all adult citizens in a given jurisdiction an agreed-upon monthly or yearly sum of money. The idea is to provide security to the recipients, help alleviate poverty and reduce the strain on social programs.
Several countries have tested UBI, including Canada, Brazil, Kenya, Germany and Finland. Finland, for example, gave participants 560 euros ($804 CAD) per month. The support behind a universal basic income has grown but so have arguments against it.
Example: “Finland ran a year-long UBI program from 2017 to 2018.”
Read more on universal basic income:
- Explainer: What is Universal Basic Income?
UBI is proposed as a way to ensure that all households have the economic means to be able to afford a modest, basic standard of living. But how does it work, who would receive it and who would pay for it? - 4 questions you probably have about basic income
Ontario is testing the program. Here’s how it works
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