Mr. Speaker, yesterday, in his budget speech, the Minister of Finance announced an important measure for young Canadians that will help reduce the high level of student indebtedness.
Taxpayers who are repaying their student loans will receive assistance from the federal government. For instance, a student repaying a loan of $25,000, or $3,800 a year, will be entitled to a federal and provincial tax credit of $530, representing 17% of the $2,125 in interest.
This measure shows that the federal government is listening to young people struggling to repay student loans. Under no circumstances does our government wish to see student indebtedness jeopardizing the future of our young people.
This measure shows the Liberal government's desire to improve the quality of life of Canadian citizens, young people in particular, as they undertake or pursue job training.