Part 6 – Division 30
Overview: Apprentice Loans Act
Economic Action Plan 2014 announced that over $100 million will be made available to apprentices registered in Red Seal trades in loans of up to $4,000 per period of technical training. These loans will be interest free until they complete or terminate their apprenticeship training program. This loan will assist more apprentices in completing their training and encourage more Canadians to consider a career in the skilled trades.
In addition to the introduction of the Act, consequential amendments to the Bankruptcy and Insolvency Act and Department of Employment and Social Development Act (DESDA) are being introduced. The amendments to the Bankruptcy and Insolvency Act will ensure that eligible apprentices are treated the same as other student loan borrowers, while the amendments to the DESDA will allow for electronic administration including delivery, and enforcement of the Act and of the apprentice loan program.