Bill C-317 (Historical)

An Act to amend the Income Tax Act (assistance for repayment of student loans)

This bill was last introduced in the 43rd Parliament, 2nd Session, which ended in August 2021.

Sponsor

Dan Albas  Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of June 18, 2021
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

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.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Income Tax ActRoutine Proceedings

June 18th, 2021 / 12:25 p.m.
See context

Conservative

Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC

moved for leave to introduce Bill C-317, An Act to amend the Income Tax Act (assistance for repayment of student loans).

Madam Speaker, today I rise in my place to table a bill that proposes a new way that we can help support students who are struggling with student debt. My bill proposes to amend the Income Tax Act so that employers can voluntarily enter into an arrangement in which part of the employee's remuneration would go toward student loan repayment as a tax-free benefit.

Currently, if an employer wanted to help employees pay off their apprenticeship or student loan, that help would be taxed as regular income. That does not provide the needed and necessary help to students struggling with student debt. Student loan balances are often listed by young adults as a major reason for suffering from economic anxiety.

Allowing employers and employees to voluntarily enter into an agreement in which part of the employee's remuneration would go toward apprenticeship loan or student loan repayment as a tax-free benefit would help young people pay down debt and start saving for the future by encouraging good financial management habits.

I want to thank all of my constituents, particularly those young students who shared with me the pressure they are under, and I am hopeful that all members of this place will help support this initiative.

(Motions deemed adopted, bill read the first time and printed)