Parents struggling with daycare fees will soon save up to $550-a-month after the province and the federal government unveiled details of their affordable childcare plan. This is great news for families and for an economy short of workers as the hundreds of dollars in savings will reduce the cost of living for families with young children.

The amount parents will save varies depending on the type of childcare centre and the age of their child. Parents whose children attend licensed group daycares will save $550 a month for infant/toddler care under three years old, $445 a month for children three to five and $220 a month for after school care.

Parents don't have to apply for the funding, which is not income-tested. It will be automatically applied to daycares already enrolled in the fee reduction initiative which the province says is 96 per cent of childcare spaces.

This will bring down the average daycare fees to $21 a day, down from an average of $53 a day before any government subsidies.

The Government of Canada will continue to work with provincial, territorial, and Indigenous partners across the country to ensure that all families have access to affordable, inclusive, and high‑quality early learning and childcare no matter where they live.

You can learn more about this announcement by reading the news release.