Financial Information

Federal:

Canada Emergency Student Benefit (CESB):

CESB will provide students and new graduates who are not eligible for the Canada Emergency Response Benefit with support. 

Eligible students will receive $1250 per month (1750 if the student has a dependent or a disability) for the months of May through August 2020. 

Eligibility:

  • Canadian citizens or permanent residents

  • Students entering post secondary education in September or graduated in winter 2019 or spring 2020.

  • Earning less than $1000/month

Canada Emergency Response Benefit (CERB):

If you were working before the pandemic and were forced to stop due to COVID-19  CERB provides temporary income support. If eligible you will recieve $2000/ month (500/week) for up to 4 months. 

Eligibility:

  • Residing in Canada and are at least 15 years old;

  • Who have stopped working because of reasons related to COVID-19 

  • Who had employment and/or self-employment income of at least $5,000 in 2019 or in the 12 months prior to the date of their application

  • Who have not quit their job voluntarily.

NOTE: This is a taxable income, and you will be required to pay income tax on it when filing your 2020 taxes. It is advised, if possible, to set aside 15% of the benefit to help be prepared for this. 

Canada Student Grants and Canada Student Loans:

The Canadian Government has announced a number of different measures surrounding student grants and loans. Including:

  • Doubling the Canada Student Grants for all eligible full-time students (up to $6,000) and for part-time students (up to $3,600 ) in 2020-21.

  • Broadening eligibility for financial assistance by removing the expected student’s and spouse’s contributions in 2020-21.

  • Raising the maximum weekly student loan amount in 2020-21 from $210 to $350 – representing a per-student loan cap of $11,000.

  • Increasing existing distinctions-based support for First Nations, Inuit, and Métis Nation students pursuing post-secondary education by providing an additional $75.2 million in 2020-21.

As well as, the Government has placed a six-month interest-free moratorium on the repayment of Canada Student Loans for all individuals who are currently in the process of repaying their Canada Student Loan.

Canada Student Service Grant:

In order to help students gain valuable work experience and skills while they help their communities during the COVID-19 pandemic, for students who choose to do national service and serve their communities, the new Canada Student Service Grant will provide up to $5,000 depending on their hours of service. 

More details will be made available on the “I Want to Help” platform through the government of Canada’s website over the coming weeks, including more detailed information about eligibility, the levels of funding available under the grant, how to apply for a national service position, and how applications will be assessed.