Author Topic: Budget 2017 - Fact Sheet - Veterans’ Education and Training Benefit  (Read 507 times)

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Offline daftandbarmy

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Budget 2017 - Fact Sheet - Veterans’ Education and Training Benefit


Effective Date

Implementation of all Budget 2017 initiatives is expected on April 1, 2018.

Background

The Government of Canada is fulfilling its commitment to deliver an education benefit to Veterans by providing a new Education and Training Benefit. The new benefit will provide support for the costs of up to four years of college, university or technical education to all Canadian Armed Forces Regular Force and Reserve Force Veterans with at least six years of military service.

The proposed changes deliver directly on the mandate commitments of the Minister of Veterans Affairs and Associate Minister of National Defence.

The Education and Training Benefit is just one step the Government is taking to improve benefits and the career potential of Canadian Armed Forces members and Veterans.

Quick Facts

$133.9 million over six years to create a new Veterans’ Education and Training Benefit to provide up to $80,000 to Veterans in support of post-secondary education.

This new benefit will provide Veterans with the funding for college, university or a technical education of their choice. Veterans with six years of service may be eligible for up to $40,000 and Veterans with at least 12 years of service may be eligible for up to $80,000 to cover tuition, course materials, and some incidentals and living expenses.

This benefit will also be available to any Veteran who released on or after April 1, 2006, and before the coming into force date of April 1, 2018. Veterans will have the later of 10 years from the coming-into-force date or 10 years from their date of release, to access funding.

This benefit supports Veterans in achieving their education and future post-military employment goals and positions them to be more competitive in the workforce.

Veterans will not be limited to post-secondary training. If university or college is not their choice, up to $5,000 of the total funding earned would be available for career and personal development courses. This could include small business boot camps, continuing education, etc.

Living expenses, travel, and incidentals will not be covered by the career and personal development funding unless built into the course costs by the institution or organization.

VAC has designed the Career Transition Services and the Education and Training Benefit to complement each other and better support Veterans during their transition to post-military life.

The new Education and Training Benefit will come into effect April 1, 2018.

Examples of who could benefit from this change:

Scenario 1

Julie voluntarily released from the Canadian Armed Forces following a 14-year career. She has some university credits from courses she took while serving. Julie would like to complete a university degree and a master program. The Education and Training Benefit will provide Julie with up to $80,000 to cover tuition, books and living expenses. This way, Julie can focus on her education goals and not the cost. After the completion of her studies, Julie would then also be able to leverage the Career Transition Services to help with her job search.

Scenario 2

Stéphane voluntarily released from the CAF after having served for seven years. He has decided that he would like to start his own business and signs up for a small business entrepreneurial course. After providing the details of the course and provider, Stéphane is able to pay the $5,000 course fee using a portion of the $40,000 he earned under the Education and Training Benefit.


http://www.veterans.gc.ca/eng/about-us/department-officials/minister/budget/education-and-training/education-and-training-benefit-facts
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Offline ModlrMike

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Definitely a good initiative, but I guess we'll have to wait until April to see the details.
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