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Canada Student Finance Guide

the student finances in Canada. The Canada Student Loan — the "federal student loan with the interest-free status during the full-time studies" — the "6-month grace period after the graduation (the 'no payment required — the interest accrues')". The Canada Student Grant — the "up to $4,200 per year for the full-time students" — the "up to $2,400 per year for the part-time students" — the "grant is based on the financial need — the NO repayment required". The tuition tax credit — the "15% federal non-refundable tax credit on the eligible tuition fees" — the "unused credits can be carried forward indefinitely or transferred to the spouse, the parent, or the grandparent (up to $5,000)". The student loan interest tax credit — the "15% federal non-refundable credit on the interest paid on the Canada Student Loan and the provincial student loan". The RESP for the students — the "Education Assistance Payment (the EAP) — the post-secondary education income" — the "EAP is taxed in the hands of the student (the 'lower tax rate')".

Student Banking

• Free student accounts: The "RBC Student Banking (the free unlimited transactions)". The "TD Student Chequing Account (the free banking)". The "CIBC Student Account (the free banking)". The "Scotiabank Student Banking (the free banking)". The "BMO Student Banking (the free banking)". All require the "full-time student status and the student ID".
• Student credit cards: The "RBC Student Visa (the $500 to $1,000 limit)". The "TD Student Cash Back Visa". The "CIBC Dividend for the Students". The "student cards have the lower income requirements".
• Student discounts: The "SPC (the Student Price Card) — the discounts at the many retailers". The "Amazon Prime Student — the 6-month free trial". The "Spotify Student — the 50% discount".

Student Loans & Grants

• Canada Student Loan: The "maximum $210 per week for the full-time studies". The "interest rate: prime + 2.5% (the floating) or prime + 5% (the fixed)". The "repayment starts after the 6-month grace period".
• Repayment Assistance Plan (RAP): The "income-based repayment" — the "payment is capped at 20% of the family income". The "RAP for the severe disability: the full interest relief".
• Canada Student Grant: The "full-time: up to $4,200 per year". The "part-time: up to $2,400 per year". The "students with the disabilities: up to $2,800 per year".
• Provincial student loans: The "Ontario OSAP (the Ontario Student Assistance Program) — the combined federal-provincial loan". The "BC Student Aid". The "Alberta Student Aid".

Student Tax Credits

• Tuition tax credit: The "15% federal non-refundable credit on the eligible tuition fees". The "credit reduces the federal tax payable". The "unused credit: carry forward indefinitely OR transfer up to $5,000 to the spouse, the parent, or the grandparent".
• Student loan interest tax credit: The "15% federal non-refundable credit on the interest paid on the Canada Student Loan". The "credit is available in the year the interest is paid".
• Moving expenses for the students: The "deductible moving expenses for the students who move to the full-time post-secondary program (the '12-month course or longer')".

For the RESP and the education savings, see our RESP Guide →. For the tuition tax credit and the education deductions, see our Tuition Tax Credit Guide →.