With September officially being back-to-school season in Canada, it's time to get serious about the return to the classroom.
However, like anyone will tell you, getting an education in Canada can be incredibly expensive.
So, if you're a student in need of a little help, there are a number of education programs, grants, and bursaries by the government that are designed to help you out.
Depending on your economic situation, what you're studying and who you're living with, you could get thousands of dollars from the feds for school.
From bursaries to education savings plans, the government has a few options for anyone hoping to make school more affordable.
Grants
The government has a number of grants that you can apply for that will help pay for your education.
There are grants for full and part-time students, for those who have dependents, and for those with disabilities or financial needs.
For some of the grants, what you get is based on how many dependents you might have, the size of your family or your income.
You can also qualify for a grant if you have a disability recognized by the Canada Student Financial Assistance Program.
To apply for any of these, you will need to go through your provincial or territorial government's student aid website.
If you get approved for a student grant, you can get money on a yearly basis of up to $6,000.
And to sweeten the deal, if you've been out of high school for ten years you could qualify for an extra $1,600 of Skills Boost funding!
Apprenticeship credits and funding
For anyone wanting to make the move into an apprenticeship or the trades, the government loads of resources to help you save money while you learn.
There are a number of things that you are able to get tax credits back on when beginning your apprenticeship.
You can claim the cost of eligible tools and textbooks on your taxes as well as tuition fees, and the cost of taking licensing exams.
And, unlike other streams of education, you can apply for an interest-free loan to aid your apprenticeship.
Not only that, but you can get thousands of dollars in grants during and after you've completed apprenticeship training too.
Additionally, women going in a trade with low representation of women can also get up to $6,000 in grant money from the feds.
Education savings
The government also has certain savings plans and programmes to help you get started well in advance.
The most basic way to save up for education is through a Registered Education Savings Plan (RESP).
It's a tax-free savings account that allows you to squirrel away money for your education.
Most people will have specific contribution limits and other rules unique to their financial situation, so the best way to know what works for you is to speak to your bank or a similar financial institution.
And if you're starting early, the Canada Education Savings Grant is a great option to beef up that RESP.
For those eligible, this grant deposits money into your RESP each year, with a maximum lifetime amount of $7,200. This includes the additional amount reserved for those with low or middle incomes.
Another way for the government to contribute cash to your RESP is through the new Canada Learning Bond. This is for low-income families and equals a contribution of up to $2,000 to help pay for school down the road.
And, if you've already completed your studies, or you're about to, there is still some good news out there for you. Last month, Prime Minister Justin Trudeau announced that all interest on federal student loans would be waived until March 2023.
This article's cover image was used for illustrative purposes only.
Students In Canada Can Get So Much Money From The Feds & Here's How To Save Big Bucks
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