Bill C-317: An Act to amend the Income Tax Act (assistance for repayment of student loans)

Bill C-317 If you have any questions or comments regarding the accessibility of this publication, please contact us at [email protected]. First Reading LEGISinfo Bilingual view XML PDF Skip to Document Navigation Skip to Document Content ENGLISHSUMMARYSUMMARY1 Income Tax Act1 Income Tax Act Second Session, Forty-third Parliament, 69-70 Elizabeth II, 2020-2021 HOUSE OF COMMONS OF CANADA BILL C-317 An Act to amend the Income Tax Act (assistance for repayment of student loans) FIRST READING, June 18, 2021 Mr. Albas 432120 SUMMARY This enactment amends the Income Tax Act to provide that payments made by an employer to an employee to assist them in repaying their student loans are not to be included in the employee’s income as income from an office or employment. Available on the House of Commons website at the following address: www.ourcommons.ca 2nd Session, 43rd Parliament, 69-70 Elizabeth II, 2020-2021 HOUSE OF COMMONS OF CANADA BILL C-317 An Act to amend the Income Tax Act (assistance for repayment of student loans) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: R.‍S.‍, c. 1 (5th Supp.‍) Income Tax Act 1 (1) Paragraph 6(1)‍(a) of the Income Tax Act is amended by striking out “or” at the end of subparagraph (v), by adding “or” at the end of subparagraph (vi) and by adding the following after subparagraph (vi): (vii) that is received or enjoyed by the taxpayer under a program provided by the taxpayer’s employer that is designed to assist employees with the repayment of student loans made to them under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act or a law of a province governing the granting of financial assistance to students at the post-secondary school level; (2) Subsection (1) applies to the 2021 and subsequent taxation years. Published under authority of the Speaker of the House of Commons Publication Explorer Publication Explorer ParlVU