The Honourable Tim Uppal, Minister of State (Multiculturalism) announced the launch of the new Canada Apprentice Loan at Keyano College today, Jan. 9, 2015.
Those training in registered Red Seal trade programs will be able to access up to $4,000 per period of training. The loans are interest-free until after loan recipients complete or leave their apprenticeship training program, up to a maximum of six years.
“The Canada Apprentice Loan program will provide important financial support for students in the trades. The students who enroll in apprentice and trades programs today at Keyano College, and at other post-secondary institutions, will be important contributors to the growth of communities throughout our respective region for years to come. The Federal Government’s investment in this program demonstrates the importance of collaboration, which is key to both the future and sustainability of post-secondary education in Canada,” said Dr.Kevin F. Nagel, President & CEO, Keyano College.
The funds can be used to pay for tuition, tools or other expenses. Since 2007, the Government has issued over 500,000 apprenticeship grants.
According to Statistics Canada, almost 360,000 people are enrolled in over 400 apprenticeship and skilled trades programs. But, only half of apprentices are following the programs through. The government of Canada estimates that 26,000 apprentices a year will apply for over $100 million in Canada Apprentice Loans.
“Our government’s top priorities are creating jobs, economic growth, and long-term prosperity. That is why we are taking action to further help apprentices complete their training for good jobs that help keep Canada’s economy strong. In addition to grants and tax credits, the Canada Apprentice Loan provides apprentices in Red Seal trades with access to interest-free loans of up to $4,000 per period of Mechanical training,” said Minister Uppal. “Most people in the trades are 45 and plus and we need younger people to take these positions that will be available coming in the near future.”
There are approximately 2.9 million skilled trade workers in Canada representing 17 percent of the National workforce.
