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Dan Albas, MP for Central Okanagan-Similkameen-Nicola, introduced a new bill to the House of Commons this afternoon to help assist struggling students.
This bill is an act to amend the Income Tax Act (assistance for repayment of student loans).
Currently, employers offering employees help in repaying student loans are given two options; either give the individual a bonus or offer an increase in salary. Which results in being taxed as regular income.
If Bill C-317 is passed it will allow for employers and employees to enter a voluntary arrangement where payments made by the employer to assist in student loan repayment would be a non-taxable benefit.
My latest private members bill C-317. Learn more at the link below: https://t.co/ecAm0aAstP
— Dan Albas (@DanAlbas) June 18, 2021
“Young people tell me all the time that graduating with thousands of dollars in student loans is a massive barrier to them planning for the future,” said Albas. “This bill will help support people struggling with student loans by incentivizing them to work and save.”
This non-taxable benefit would help to attract and keep employees, while simultaneously supporting future generations of workers without the threat of looming debt.
“This bill is a win-win across the board, and I hope it attracts widespread support in Parliament,” said Albas.
For more information on this bill click here.
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