- Interactive Budget -

Archived - Canadian Opportunities Strategy

Introduction

For Canada to take hold of its future, we need to ensure that more Canadians have better jobs. Jobs that are higher paying and that provide a more secure quality of life.

And the key to creating those jobs – to generating the opportunities we all desire – is for Canada to have access to better education, better training and more knowledge.

Knowledged-Based Economy

The facts are compelling. Those with higher education – with a skilled trade or university degree – are much more likely to be employed and making good salaries.

In the knowledge-based economy of the 21st century, there may be no guarantees. But this government understands that education is one bet that we cannot lose. And its certainly one that we?re not going to let pass by.

But many Canadians can?t go beyond high school because the cost is too high. And for those who do go on, the price often includes a punishing debt burden.

This is why the 1998 Budget launches the Canada Opportunities Strategy.

• The Canada Millennium Scholarships will assist more than 100,000 students in financial need each year.
  These will be available to students of all ages, part-time as well as full-time. And they will apply to studies at colleges and at technical and vocational institutes, as well as universities.
• In addition, there will be Canada Study Grants of up to $3,000 per year, for 25,000 students in financial need who have dependants.
• There are also measures to help graduates manage their debt burden right now. For the first time, there will be a tax credit for the interest payments on student loans – saving a typical graduate about $500 in taxes this year. This will assist more than one million Canadians struggling to pay down student debt.
• And for people in extreme difficulty, the principal of the loan itself will be reduced.

Skills, Learning and Education

The material on this Web site explains other important steps we are taking, including the Canada Education Savings Grant that will help parents and grandparents save for the future education needs of their children and grandchildren.

And we're allowing Canadians to access their RRSP's tax-free, to invest in courses to upgrade skills or return to school.

The Canada Opportunities Strategy will help hundreds of thousands of Canadians to access the tools of tomorrow's success – skills, learning and education.

It is an important part of our future. And it is an important reward for our improved financial situation.

 - Interactive Budget -