Education Planning

Financial Aid Strategy

Your child should be encouraged to contact the financial aid office at the schools he or she plan to attend. The financial aid officer will examine income and assets on a case by case basis. And discuss aid programs and applications. Here are a number of avenues currently available:

Canada Student Loans Program (CSLP)

The CSLP is governed by the Canada Student Financial Assistance Act. The government determines student eligibility for a loan while authorized lending institutions such as banks and credit unions provide high levels of service to student borrowers according to criteria established by the federal government.

To be eligible for the CSLP you must be a Canadian citizen or permanent resident of Canada. Enroll, or be eligible to enroll, in a designated post-secondary educational institution in a program leading to a degree, diploma or certificate, and satisfy the appropriate provincial authority that you do not have enough resource to cover the cost of your post-secondary education by completing a student application form.

Click here for more information on the Canada Student Loans and Grants

Scholarships, Bursaries

Scholarship income includes any monies received in the form of: scholarship, fellowship, bursary, artist project grants and achievement prizes. The first $3,000 of scholarship income is allowed tax free.

Scholarships Canada provides a comprehensive database to search out scholarships, student awards, bursaries and grants. You’ll also find information about student loans, applications and budget planning.

The information contained in this commentary is designed to provide you with general information only, and is not intended to be comprehensive advice applicable to the circumstances of any individual. We strongly urge you to seek professional assistance before acting upon information included herein.

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