Canada Student Financial Assistance Regulations

Version of section 40.02 from 2024-08-01 to 2024-10-30:

40.02 (1) The Minister, an appropriate authority or a body authorized by the Minister for a province may make a grant to a qualifying student who
- (a) is qualified for enrolment or is enrolled as a full-time student in a program of studies of at least two years’ duration that leads to a degree, certificate or diploma not beyond the undergraduate level;
- (b) meets the criteria set out in paragraphs 12(1)(a) and (b) of the Act; and
- (c) is not denied further student loans under section 15.
(2) The maximum amount of the grant for each month of study shall be the lesser of $375 and the amount determined by the following formula:
A – (B x C)
where
A
is $375,
B
is the result obtained by subtracting the applicable annual income threshold for their family size in accordance with Table 6 of Schedule 4 from the student’s family income, and
C
is the monthly phase-out rate set out in column 3 of Table 6 of Schedule 4.
(2.1) Despite subsection (2), for the loan year commencing on August 1, 2024, the maximum amount of the grant for each month of study is the lesser of $525 and the amount determined by the formula
A – (B x C)
where
A
is $525;
B
is the result obtained by subtracting the applicable annual income threshold for their family size in accordance with Table 11 of Schedule 4 from the student’s family income; and
C
is the monthly phase-out rate set out in column 3 of Table 11 of Schedule 4.
(3) [Repealed, SOR/2018-31, s. 9]
(4) and (5) [Repealed, SOR/2018-31, s. 9]

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