What happens if my Beneficiary is taking an apprenticeship or co-op program? What option is best suitable for us?
Canada Revenue Agency regulations confirm that apprenticeship programs qualify if the institution certifies that the program is a minimum of two years in length, the Beneficiary is in class for a minimum of six months per year, the work portion of the program is part of the curriculum, and that the Beneficiary does not get paid for the work term. The program will not qualify if it is taken at a time during which the student is receiving employment income (excluding part-time or temporary employment to finance studies) and the program is taken in connection with, or as part of, the student’s employment. For most apprenticeship programs, students are paid for training/learning the trade therefore, the Self-Determined Option is most suitable so that the Principal, Interest, and Canada Education Savings Grant (if applicable) are released while the Beneficiary is registered in classes prior to their hands-on training.
