Limited finances are no excuse to forfeit an opportunity to pursue post-secondary education in Canada! Well, at least not anymore.
Today, you will be learning about the types of financial assistance programs available to post-secondary students in Canada asides scholarships.
First, it is important to note that the Canadian Student Financial Assistance Program (CSFA Program) which is an initiative of the Canadian government, provides loans and grants for students to pay for their education.
Some of these programs include;
A. Canadian Student Grants and Loans
These are grants and loans offered to full-time and part-time students to help pay for their post-secondary education. The Government of Canada works with most provincial or territorial governments to offer student grants and loans. In all situations, you apply with your province or territory of residence.
The amount you can receive depends on many factors, including:
- Your province or territory of residence
- Your family income
- If you have dependents
- Your tuition fees and living expenses
- If you have a disability
To find out how much you might get in Canada Student Grants or Loans, use the federal student aid estimator.
B. Canada Apprentice Loan
The Canada Apprentice Loan is an initiative to help you complete your apprenticeship in a designated Red Seal trade.
With the Canada Apprentice Loan, you can get up to $4,000 in interest-free loans per period of technical training. You will not have to make payments on your Canada Apprentice Loan, and no interest will accumulate until after you complete or leave your apprenticeship training program.
C. Canada Apprenticeship Incentive Grant (AIG)
The Apprenticeship Incentive Grant (AIG) is a taxable cash grant of $1,000 per year or level, for a lifetime maximum amount of $2,000 per person.
To be eligible for the AIG, you must:
- Be a Canadian citizen, permanent resident, or protected person;
- Not be a high school student;
- Have the required AIG supporting documents;
- Register with your provincial/territorial apprenticeship authority as an apprentice in a designated Red Seal trade;
- Provide proof that you have successfully completed either the first year (level/block) or second year (level/block) (or equivalent) in a designated Red Seal trade.
There are many other sub-types of financial assistance available to you as a student in Canada. For instance, if you are a Master Student, protected person or reservist.
What Next?
While you’re at it, do you know the 2023 Canada tax year is ongoing and will come to a close shortly on May 1, 2023? Here’s a call to put your personal income tax affairs in order, and stand a chance to obtain specific tax benefits, even if you have no income.
At EMCA, we help students including newcomers to file their taxes so they can claim as much deductions, refunds and credits that they are entitled to.
Our tax consultants are ready and glad to help you with this. Click here to begin today!