5 Ways Canadian Students Can Get Government Support for Education and Living Expenses in 2023-24

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Are you a student in Canada gearing up for the 2023-24 academic year? Well, we have some fantastic news for you! The Canadian government is offering various support programs that can help ease the financial burden of post-secondary education and daily living expenses.

In this article, we will break down these valuable resources and benefits, making it easy for you to understand and access them. Let’s explore five ways Canadian students can receive assistance from the federal government this school year.

  1. Canada Learning Bond:
  • The Canada Learning Bond is a government program designed to assist students in financing their post-secondary education.
  • It contributes $500 to a Registered Education Savings Plan (RESP) in the first year and an additional $100 annually until the beneficiary reaches the age of 15, with a maximum of $2,000.
  • Eligibility criteria:
    • You must be a Canadian resident.
    • Possess a Social Insurance Number.
    • Be named as a beneficiary in an RESP.
    • Born on or after January 1, 2004.
    • Belong to a low-income family.
  • No contributions to the RESP are required to receive the Canada Learning Bond, and eligibility is based on your family’s income.
  • If you were eligible for payments as a child but didn’t receive them, you can still claim the Canada Learning Bond as an adult.
  • The bond is retroactive, meaning you can open your RESP at 18 and request the money until the day before you turn 21.
  1. Student Loan Interest Elimination:
  • In 2023, the federal government introduced the permanent elimination of interest for Canada Student Loans and Canada Apprentice Loans through the Canada Student Financial Assistance Program.
  • Starting April 1, 2023, new interest will not accumulate on federal student or apprentice loans.
  • This change aims to benefit over a million post-secondary graduates annually across Canada.
  • On average, individuals with student loans can save approximately $520 per year, considering current interest rates.
  • Students remain responsible for paying any interest accrued on their loans before April 1, 2023.
  1. Student Loan Repayment Tax Credit:
  • Even with the elimination of interest, students are still responsible for any pre-existing interest on their loans. Fortunately, there’s still government support available.
  • You can receive a 15% tax credit on the interest you pay annually on your government student loans. This credit applies to both federal and provincial or territorial student loans.
  • To claim this credit, you’ll need the T4A documents and statements, which you can find in your National Student Loans Service Centre account at the start of each calendar year.
  • Eligibility for this credit includes interest paid on student loans acquired under various acts and government laws related to post-secondary education.
  • If you don’t have any tax payable for the year in which you paid loan interest, it’s advisable not to claim it on your return. Instead, you can carry the interest forward and apply it to your return for the next five years.
  1. Climate Action Incentive Payment:
  • The climate action incentive payment is a tax-free benefit aimed at helping individuals offset the cost of federal pollution pricing.
  • This incentive is available to residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, P.E.I., and New Brunswick.
  • To be eligible, you must be a Canadian resident for income tax purposes at the beginning of the payment month and a resident of a climate action incentive payment province on the first day of the payment month.
  • Additionally, you must be at least 19 years old in the month before the CRA makes a quarterly payment.
  • Post-secondary students can also benefit from this program.
  • Here’s a breakdown of annual credits for some provinces:
    • Ontario: $488 for an individual.
    • Manitoba: $528 for an individual.
    • Saskatchewan: $680 for an individual.
    • Alberta: $772 for an individual.
    • Newfoundland and Labrador: $656 per year ($164 quarterly) for an individual.
    • Nova Scotia: $496 per year ($124 quarterly) for an individual.
    • P.E.I.: $480 per year ($120 quarterly) for an individual.
    • New Brunswick: $368 per year ($92 quarterly) for an individual.
  • Payments are typically disbursed on the 15th of April, July, October, and January, either by cheque through mail or direct deposit.
  1. Canada Student Grant Amount Increase:
  • In 2023, the federal government announced enhancements to student financial assistance for the 2023-24 academic year, starting on August 1, 2023.
  • This includes substantial increases in Canada Student Grants, providing students with 40% more financial support.
  • For full-time students, Canada Student Grants can now reach up to $4,200 per year or up to $525 per month until the end of the 2023-24 school year (running from August 1, 2023, to July 31, 2024).
  • Part-time students can also benefit, with Canada Student Grants now offering up to $2,520 per year until July 31, 2024.
  • The best part? You are automatically assessed for these grants when you apply for student aid in your province or territory.


Canadian students, the government is here to support you! With programs like the Canada Learning Bond, student loan interest elimination, student loan repayment tax credit, climate action incentive payment, and increased Canada Student Grants, there are multiple avenues to ease your financial burdens during the 2023-24 school year. Be sure to check your eligibility and take advantage of these valuable resources. Education should be about learning and growth, not worrying about finances, so make the most of these opportunities and focus on your studies.

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