Toronto 
Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced that all Canada Student Loans and Canada Apprentice Loans will be made interest-free.
Credit: Honey Yanibel Minaya Cruz on Unsplash
The measure which is part of the 2022 Fall Economic Statement proposes to make these loans, including those currently being repaid, permanently interest-free beginning on April 1, 2023.
As per the news release, an average student loan borrower will save $410 per year as a result. Repayment Assistance Plan will continue through which students can pause loan repayment until they make at least $40,000 per year and reduce payments for those earning slightly above that threshold.
Another notable measure announced today is the creation of a new, quarterly Canada Workers Benefit. This will automatically issue advance payments of the Canada Workers Benefit to people who qualified for the benefit in the previous year, starting in July 2023 for the 2023 taxation year. As per the news release, this measure would provide up to $714 total for single workers and $1,231 total for a family to help cope with the rising cost of living. It will be split between three advance payments.
More Information is available here.
