Students in Canada could be about to see some extra cash coming their way soon, after the federal government announced a new monthly benefit for students yesterday.
On Wednesday, Employment and Social Development Canada introduced a new Canada Pension Plan (CPP) benefit aimed at supporting part-time students aged 18 to 24 whose parents are disabled or deceased.
This monthly government payment is part of a wider reform to the CPP, and it comes with some solid perks. Eligible part-time students will receive $150.89 every month in 2025, starting this month. This equates to 50% of the amount full-time students already get under the program. The aim is to provide financial support for education costs that would normally be provided by the student's disabled or deceased parent.
To receive this benefit, you need to meet a few criteria: you must be enrolled in part-time studies at a recognized educational institution, and your parent must have contributed to the CPP during their working years. Plus, you'll need to prove a minimum level of school attendance.
This new measure is expected to help around 6,700 students this year. It's part of a series of CPP reforms introduced in the 2024 federal budget. Other changes to the CPP include new benefits for children of disabled contributors, increased death benefits and tweaks to survivor pensions.
"No child should have to choose between caring for their parents and going to school," said Minister of Seniors Joanne Thompson, emphasizing how the government is trying to address the rising cost of living with practical support for young Canadians.
Whether you’re juggling school and work or trying to stretch your budget, this extra cash might make a real difference. You can find more information on eligibility requirements and how to apply on the government's website here.
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