Student financial aid payments in 2023 from the federal government

Student financial aid payments in 2023 from the federal government

Higher education students will be able to receive benefits in 2023 from the federal government.

The government has provided a number of benefits for housing, tuition and various grants for university students. The amounts are very different: $100 CAD, $500 CAD, $2,000 CAD and even $6,000 CAD. Those who study in Canada will be able to receive them.

Climate Change Incentive Payments (CAIP)

To offset the costs that are associated with pollution price increases, the government promises to pay incentive money. The amount paid under this category is tax-free. To participate in the program, you must be a resident of Saskatchewan, Ontario, Alberta or Manitoba on the first day of the pay month and the last day of the previous month, and meet at least one condition:

  • be 19 years of age or older;
  • have (or previously had) a spouse or common-law partner;
  • be (or previously were) a parent and live (or previously lived) with your child.

Under the right conditions, you can receive payments on April 15, July 15, and October 15 in 2023. Amounts range from $100 to $500 CAD or more, depending on where you live.

Tax credit for repayment of interest

If you pay off a student loan, you can get an additional 15% tax credit on the interest. This includes federal and provincial student loans. You can get your paperwork now at the national student loan service centre.

Doubling Student Grants

Until July 2023, double the amount available for student grants. Full-time and eligible students can expect to receive up to $6,000 CAD, while students with disabilities can expect to receive up to $10,000 CAD.

Savings for education (CLB)

The federal government will help pay for both full-time and part-time education under the current Education Savings Plan program. Under the Canada Learning Bond program, the government will provide $2,000 CAD per child:

  1. $500 CAD for the first year of participation;
  2. $100 CAD per year if the child is still eligible (up to and including the year the child turns 15).

Children who did not receive benefits as children and are eligible can apply when they reach age 18 and up to age 21 if they were born in 2004 or later.

Rental Canada Housing Benefit (CHB)

Tenants will be able to receive payments of $500 CAD, which are tax-free. Rent repayment assistance is available for certain categories of citizens and depends on income as well as the amount of monthly rent.

Applications will be accepted until March 31, 2023.

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