April 21 marked the release of the 2015 federal budget. Finance Minister Joe Oliver announced a balanced budget emphasizing lowered taxes and supporting Canadian families, seniors, and students.
In the 433-page federal budget, the government touched on students’ expenses, education and work initiatives:
• $1.33 billion to support research infrastructure at universities, colleges and hospitals will be granted over six years starting in 2017.
• Low and middle- income students in educational programs for a minimum of 34 weeks are now more eligible to receive Canada Student Grants.
• The federal government will reduce the expected parental contribution under the Canada Loans Program needs assessment process starting in 2016-17. Some students will be able to receive larger student loans as a result.
• The budget eliminates in-study student income assessments for government student loans starting in 2016-17. Students won’t have to disclose money earned while working during school in student loan applications, including OSAP.
Source: Economic Action Plan 2015
