Minister O'Regan visits New Brunswick Community College to highlight government's support for students, apprentices & youth employment

SAINT JOHN, NB, Nov. 10, 2022 /CNW/ - In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter. The government is delivering targeted support to the Canadians who need it the most, including by: doubling the GST Credit for 11 million eligible Canadians; enhancing the Canada Workers Benefit to support 4.2 million Canadians; and making federal student and apprentice loans permanently interest free for the graduates of today and tomorrow.

Today, Minister of Labour, Seamus O'Regan Jr., spoke with students and faculty at New Brunswick Community College in Saint John to highlight the government's support for students and apprentices with their plan to permanently eliminate interest on federal student loans and apprentice loans, double the Canada Student Grant, and help young people gain valuable work experience.

With life becoming more expensive for many recent graduates, the government is taking new, permanent steps to reduce the burden of student loans on young Canadians so they can invest in building their futures. The 2022 Fall Economic Statement proposes to make the federal portion of all Canada Student Loans and Canada Apprentice Loans permanently interest-free, including those currently being repaid.

Permanently Eliminating Interest on Federal Student Loans will directly benefit student and apprentice loan borrowers who have left school and are currently repaying their loans, as well as post-secondary students with federal loans who will enter repayment in the future.

To further support students, the government is also proposing doubling the Canada Student Grant to provide up to $6,000 per year until July 2023.

In addition, investments in the Youth Employment and Skills Strategy will help set up young Canadians for success in the job market after leaving school. This will create job placements, a portion of which will directly benefit First Nations youth, as well as wraparound supports for young people facing employment barriers.

The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low?over 500,000 more Canadians are working today than before the pandemic?the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.

Quote

"We want young people in this country to be focused on getting the training they need to get a good job. We want them to focus on starting their career and saving for their future. So, we're making it easier for them to do that."

Seamus O'Regan Jr., Minister of Labour

Quick Facts

• The federal government's fiscal anchor?the unwinding of COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term?remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
• Most beneficiaries will be Canada Student Loan borrowers, of whom 61 per cent are women. A minority will be Apprentice Loan borrowers, of whom 93 per cent are men. About 63 per cent of all Canada Student Loan recipients are under 35 years of age.
• New measures proposed in the 2022 Fall Economic Statement include:

1. Making Life More Affordable:

• Permanently eliminating interest on federal student and apprentice loans;
• Creating a new, quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner;
• Delivering on key pillars of the government's plan to make housing more affordable, including the creation of a new Tax-Free First Home Savings Account, a doubling of the First-Time Home Buyers' Tax Credit, and ensuring that property flippers pay their fair share; and,
• Lowering credit card transaction fees for small business.

2.  Investing in Jobs for Young Canadians:

• Through the Youth Employment and Skills Strategy, we are introducing measures that will help young Canadians gain valuable work experience, setting them up for a lifetime of success in the job market.
• Investing $301.4 million over the next two years to provide wraparound supports and job placements to young people facing employment barriers.
• Over $400 million for approximately 70,000 Canada Summer Jobs.
• Supporting work placements for First Nations youth with another $100.2 million through the Income Assistance-First Nations Youth Employment Strategy Pilot

Related products

• 2022 Fall Economic Statement
• Remarks by the Deputy Prime Minister for the 2022 Fall Economic Statement
• Backgrounder: Making Life More Affordable
• Backgrounder: Making Housing More Affordable
• Backgrounder: Jobs, Growth, and an Economy That Works for Everyone
• Technical Backgrounder: Canada Growth Fund

Associated links

• Annual Financial Report 2021-2022
• Affordability Plan
• Legislation to double the GST Credit for six months receives Royal Assent
• Government of Canada introduces legislation to make life more affordable for Canadians
• Legislation to grow Canadian economy and make life more affordable receives Royal Assent
• Deputy Prime Minister outlines government's Affordability Plan for Canadians

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SOURCE Employment and Social Development Canada