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.
The full article is only available to members of the Immigrant.Today community. Log in to your account to read it for free.
