Inflation has been skyrocketing and making life tough for everyone. The Canadian government has accordingly decided to make repayment assistance plans more flexible for Canadians with student loans:
As of November 1, 2022, the zero-payment income threshold for Canada Student Loans and Canada Apprentice Loans will increase from $25,000 to $40,000 for a family size of one. Repayment will not be required until borrowers are earning at least $40,000 per year. This amount will be adjusted upward based on family size. Additionally, the cap on monthly affordable payments will be lowered from 20% to 10% of a borrower’s household income, ensuring that no borrower has to pay more than they can reasonably afford. These enhancements to the Repayment Assistance Plan are estimated to benefit approximately 180,000 borrowers each year.
More details on student loan breaks can be found here
