Measures announced as part of the budget will change the calculation of loans and bursaries for the year2022-2023. They apply to students who contribute to their studies with another person (parents, sponsor or spouse). They also apply to students who have dependent children.
The amounts calculated for award year2022-2023 (from September1,2022, to August31,2023) do not take these measures into account. You will receive a new financial assistance statement in the next few months, and the amount of your loans and bursaries will be adjusted automatically. No action is required on your part. The calculation will be retroactive. This means that it will apply to the amount awarded for the year2022-2023.
The financial assistance (loans and bursaries) to which you are entitled will be higher if the measures apply to you.
Reducing the Contribution of Parents, Sponsor or Spouse
Reducing the contribution of parents, sponsor or spouse The income level from which the contribution of another person (parents, sponsor, spouse) is calculated will be adjusted:
$75000 for parents living together
$65000 for a single parent or a sponsor
$63000 for a spouse
The contribution of this other person is calculated based on their annual income. With the new measures, the income taken into account in the calculation will be reduced. Consequently, the contribution will be lower and the amount of your loans and bursaries may increase.
Exemption for Child Support payments
The amount of support payments excluded from the calculation of your contribution will be increased to $6000.