By The Canadian Press - (Source: Parliamentary Budget Officer)

A by-the-numbers look at the Canada Child Benefit

Sep 2, 2016 | 6:13 AM

OTTAWA –  The parliamentary budget officer has taken a look at the long-term costs to the government and families of the Liberals’ new child benefit and says the number of families who qualify for the Liberal government’s new child benefit program will decline in the long run, because the benefit doesn’t automatically adjust for inflation.

The parliamentary budget officer says almost 3.6 million families qualify this year, but that will likely drop to about 3.4 million by 2021.

However, the Liberals say they intend to index the Canada Child Benefit to inflation starting in 2020, which would mean inflation won’t reduce the buying power, or so-called “real value” of the monthly payments.

Here are some figures about the benefit program.

— 3,552,000: Families who received benefits under the old system and who the PBO estimates are eligible to receive benefits under the new system.

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— 4,072,000: Families the PBO estimates were eligible for benefits under the old system.

— $4,439: Average benefit paid to families eligible under the old system

— $5,493: Average benefit paid to families eligible under the new system.

— $22.4 billion: Forecast cost of the Canada Child Benefit next year, the first full year it is in place.

— $21.5 billion: Forecast cost in 2021.

— $17.2 billion: Net cost to the government over five years to replace the old system with the new child benefit.