Fall Economic Update – Permanent Elimination of Federal Student Loan Interest
- To help students, Freeland announced the government will make all Canada Student Loans and Canada Apprentice Loans permanently interest-free — including those currently being repaid. This change has an estimated cost of $2.7 billion over five years and $556.3 million ongoing.
- Automatic Quarterly Advance payments of the Canada's Worker's Benefit instead of Annually on tax returns.
- Tax-Free First Home Savings Account Update – The government expects that Canadians will be able to open and begin contributing to an account in mid-2023.
Source: https://www.budget.gc.ca/fes-eea/2022/home-accueil-en.html
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