Minister Qualtrough highlights benefits to students in Government’s plan to build an economy that works for everyone
In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs of everyday items, the Government is delivering targeted support to the Canadians who need it the most, including by: doubling the GST credit for 11 million eligible Canadians; enhancing the Canada Workers Benefit to support 4.2 million Canadians; making federal student and apprentice loans permanently interest-free for the graduates of today and tomorrow; and investing in more robust skills and training programs for youth.
The Government is also moving forward with its comprehensive plan to make housing more affordable, including by helping people save to buy a home and by cracking down on house flipping. And it lays out an ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs.
Today, the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, met with students at Kwantlen Polytechnic University to highlight how the Government is supporting students. The Fall Economic Statement proposes to permanently eliminate interest on Canada Student Loans and Apprentice Loans. Half of all post-secondary students in Canada rely on student loans to help them afford the cost of tuition and essentials during their studies. An average student loan borrower will save $410 per year as a result of their loan being interest-free.
Other measures introduced to make life more affordable include:
helping young Canadians afford a down payment faster with the new Tax-Free First Home Savings Account, which will allow prospective first-time home buyers to save up to $40,000 tax-free toward their first home;
establishing the Multigenerational Home Renovation Tax Credit to help families across Canada afford to have a family member who is a senior or a son or daughter with a disability move back in if they need to;
providing advance payments of the Canada Workers Benefit to put more money, sooner, into the pockets of our lowest-paid—and often most essential—workers; and
providing youth—particularly those from marginalized communities—with the support and opportunities they need to gain valuable skills and work experience through the Youth Employment and Skills Strategy Program, setting them up for a lifetime of success in the job market.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low (over 500,000 more Canadians are working today than before the pandemic), the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt-to-GDP and deficit-to-GDP ratios in the G7. Canadians should be confident that the country will overcome any hurdles and prosper in the days ahead.