What students should know about the federal budget

By Janet Gray. There were several education highlights for students for the 2016-2017 tax year. They include:

1. An increase of 50% to the Canada Student Grant (CSG) amounts:

from $2,000 to $3,000 per year for students from low-income families;
from $800 to $1,200 per year for students from middle-income families; and

2. For part-time students, the CSG increased from $1,200 to $1,800

In total, these measures will provide assistance of $1.53 billion over five years, starting in 2016–17, and $329 million per year after that.

3. An increase to loan repayment regulations

The loan repayment threshold under the Canada Student Loans Program’s Repayment Assistance Plan has been changed to ensure that no student will have to repay their Canada Student Loan until they are earning at least $25,000 per year. More...