Students in Canada may receive $150 monthly starting from a new government benefit.
Canadian students may soon benefit from additional financial aid as the government has launched a new monthly payment for them.
On Wednesday, Employment and Social Development Canada announced a new Canada Pension Plan (CPP) benefit aimed at part-time students aged 18 to 24 whose parents are either disabled or deceased.
Beginning in 2025, eligible part-time students will receive $150.89 monthly as part of the broader changes to the CPP. This amount is half of the benefit full-time students currently receive under the plan. The goal is to provide financial help for educational costs that would typically be covered by the student’s disabled or deceased parent.
To qualify for this benefit, students must be enrolled part-time at an accredited educational institution. Additionally, their parent must have made CPP contributions during their working life. Students must also provide proof of meeting a minimum attendance requirement.
The government expects that around 6,700 students will benefit from this new initiative in 2024. This program is part of a larger set of changes to the CPP announced in the 2024 federal budget. Other updates include new benefits for children of disabled contributors, increased death benefits, and adjustments to survivor pensions.
Joanne Thompson, Minister of Seniors, stated, “No child should have to choose between caring for their parents and going to school,” highlighting the government’s dedication to supporting young Canadians in handling the rising cost of living with practical assistance.
This extra financial support could truly help, whether you’re balancing work and school or simply trying to manage your finances better. For more information about eligibility and how to apply, visit the government’s official website here.
